FX.co ★ Technical analysis of EUR/JPY for Febuary 17, 2016

General overview for 17/02/2016:

The golden trend line has been broken and the market is currently trading close to the intraday support at the level of 126.61. In case of a breakout, the next intraday support is seen at the level of 125.76. The market is still treading inside of the bearish zone, but the current count in the bigger time frames 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.

Support/Resistance:

125.02 - WS1

126.61 - Intraday Support

125.73 - Local Low

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