FX.co ★ Technical analysis of EUR/JPY for April 20, 2016

General overview for 20/04/2016:

Five impulsive waves to the upside might be labeled from the 121.71 bottom, which as well might be a first impulsive bullish trend rebound. Nevertheless, it is still too early to draw this kind of the conclusion as the market retraced only 38% of the previous swing down. Currently some kind of the internal corrective cycle should develop and the support at 123.59 should hold in case of a further spike down.

Support/Resistance:

121.27 - WS1

122.63 - Weekly Pivot

123.12 - WR1

123.59 - Intraday Support

124.21 - Technical Resistance

124.43 - Intraday 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.