FX.co ★ Technical analysis of EUR/JPY for Febuary 15, 2016

General overview for 15/02/2016:

The current count still indicates a possible upward wave progression as a low for the wave B cycle seems to be in place. This would mean the market still needs to make one more wave to the upside, big-cycle wave C blue, to complete the bigger-time-frame corrective cycle. Nevertheless, to confirm this possibility, the market must start to break out above the intraday resistance at the level of 128.62, otherwise the odds for another downside wave will increase.

Support/Resistance:

125.02 - WS1

125.73 - Intraday Support

127.98 - Weekly Pivot

128.26 - Intraday Resistance

130.13 - WR1

133.09 - WR2

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the nearest term.