FX.co ★ Technical analysis of EUR/JPY for April 6, 2015

General overview for 06/04/2015 10:30 CET

The upside breakout in wave (a) blue looks completed now and the bearish divergence supports this view. Currently, the market should be making wave (b) blue as an internal corrective cycle before the uptrend would continue. The target level for wave (b) blue is the intraday support at the level of 130.03 and bounce/reversal is expected form this level. In case of any further breakout lower, the corrective retracement in wave (b) blue might get even to the zone 120.50 - 120.20.

Support/Resistance:

131.67 - Swing High

130.93 - Intraday Resistance

130.03 - Intraday Support

Trading recommendations:

Daytraders should consider to open buy orders from the level of 130.03 with SL below the level of 129.80 and TP at the level of 131.67.