FX.co ★ Technical analysis of EUR/JPY for April 1, 2015

General overview for 01/04/2015 09:50 CET

The count had been slightly changed to indicate another possible labeling in the overall unfinished corrective structure. In this count, wave X brown hasn't been finished yet and the market is in the last stage of completing correction of wave c green. Please notice that three zones (bullish, neutral, and bearish) are moving as well and as long as the price is staying inside the yellow range zone. The corrective cycle in wave X brown might get more complex and time consuming. Only an impulsive breakout above the level of 130.37 would change the mid-term outlook for more bullish.

Support/Resistance:

126.89 - Swing Low

127.55 - WS2

128.44 - WS1

128.60 - Intraday Support

129.43 - Intraday Resistance

130.02 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening sell orders for intraday scalp from current market levels with SL above the level of 129.43 and TP at the level of 127.55.