FX.co ★ Technical analysis of EUR/JPY for June 16, 2015

General overview for 16/06/2015 09:15 CET

After filling the weekend gap and breaking out higher above the golden trendline, the market has reached the reversal zone at 61%Fibo level. The wave X black has been extended in time and now it is evolved into more complex and time-consuming corrective cycle. The downside wave development is still possible. The reason for this type of thinking is a missing wave Y black to the downside to complete the overall structure. On the other hand, any breakout even higher above the level of 140.00 is bullish for the market and next resistance is likely to be a swing high at the level of 141.05.

Support/Resistance:

141.05 - Swing High

139.86 - 140.00 - Reversal Zone

139.68 - WR1

139.60 - Intraday Support

138.82 - Weekly Pivot

Trading recommendations:

The sell orders from yesterday did not work out as the price moved higher, but it looks like the actual level is very attractive to consider opening another sell positions with SL just above the level of 140.01 and TP at the level of 139.60 initially.