FX.co ★ Technical analysis of EUR/JPY for April 12, 2016

General overview for 12/04/2016:

The market still trades inside a possible triangle pattern which is typical for wave (b) correction. It looks like wave e of the whole structure might be completed soon and then a downward breakout should happen. Please note that the corrective cycle might evolve into a less complex and time-consuming pattern, especially if the intraday resistance at the level of 124.24 is clearly violated. For now, however, sideways price action below the weekly pivot is expected.

Support/Resistance:

122.53 - Intraday Support

124.11 - Weekly Pivot

124.24 - Intraday Resistance

125.66 - WR1

Trading recommendations:

Traders should sell the triangle pattern area with SL above the level of 124.24 and TP at the lows of the triangle pattern around the level of 122.50.