FX.co ★ Technical analysis of EUR/JPY for April 18, 2016

General overview for 18/04/2016:

The impulsive wave progression to the downside is developing as anticipated. The wave 3 purple of the overall five waves was made and now the market is in corrective cycle, wave 4. The correction can evolve into complex and time-consuming pattern, but cannot violate the level of 122.75. When the weekend gap is filled, the market should reverse and move lower to complete the impulsive progression.

Support/Resistance:

121.27 - WS1

121.69 - Intraday Support

122.53 - Intraday Resisance

122.63 - Weekly Pivot

122.72 - Invalidation Level

123.12 - WR1

124.21 - Technical Resistance

124.48 - WR2

124.98 - WR3

Trading recommendations:

Traders who are still short ( as recommended last week), should move the SL just above the level of 122.73 and set TP at the level of 121.27.