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

General overview for 15/04/2016:

The first impulsive wave to the downside might be in place, so now the bulls cannot break above the level of 123.85. However, if they do, the bearish impulsive count will be invalidated and it is very likely the corrective cycle will continue. 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. An impulsive breakout to the downside is also anticipated.

Support/Resistance:

122.53 - Intraday Support

122.81 - Key Level

123.85 - Invalidation Level

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.