FX.co ★ Technical analysis of EUR/JPY for April 10, 2015

General overview for 10/04/2015 12:45 CET

The Elliott wave development for this pair might suggest another possible pattern labeled here as waves ABC black that represents completed form of a corrective cycle in wave 2 black (or A blue). The next sub-wave development looks like an impulsive wave progression to the downside that had started with a leading diagonal and hasn't finished yet. Currently, the market is in the last stage of this wave progression and the projected target is at the level of 126.89.

Support/Resistance:

126.89 - First Target Projection

127.62 - WS2

128.24 - Intraday Resistance

129.39 - WS1

Trading recommendations:

Now, all sellers should keep eye on the level of 126.89 as a target for all sell orders because a market bounce/reversal is expected from there.