FX.co ★ Technical analysis of EUR/JPY for April 19, 2016

General overview for 19/04/2016:

The impulsive wave progression to the downside was invalidated due to wave 1 and wave 4 overlaps. Currently the main count points out a possible upward continuation as the new swing low might be in place. Break out above the technical resistance at the level of 124.21 supports the view.

Support/Resistance:

121.27 - WS1

121.69 - Intraday Support

122.63 - Weekly Pivot

123.12 - WR1

124.21 - Technical Resistance

124.48 - WR2

124.98 - WR3

Trading recommendations:

All sell orders from last week should now be closed with profit. Traders should now stay aside from the market and wait for the next trading setup to occur shortly.