FX.co ★ Technical analysis of EUR/JPY for April 8, 2016

General overview for 08/04/2016:

The current wave development looks corrective as the wave (b) blue unfolds. The projected target for this wave is at the level of 124.69 where the downtrend should resume. Please notice that the wave (b) might be more complex in price and time than a simple ABC correction and full of whipsaws and false breakouts.

Support/Resistance:

124.41 - WS3

125.41 - WS2

126.24 - WS1

127.22 - Weekly Pivot

128.05 - WR1

Trading recommendations:

Traders should refrain from trading and wait for another trading setup to occur .