FX.co ★ Technical analysis of EUR/JPY for April 28, 2016

General overview for 28/04/2016:

The simple corrective cycle, labeled as abc irregular flat correction, might have been completed and according to the main chart another upward leg might be made. Moreover, any violation of the level of 121.71 will invalidate the bullish impulsive scenario. Nevertheless, please notice that the simple correction might evolve into more complex and time consuming cycle.

Support/Resistance:

121.71 - Local Low

122.52 - Intraday Support

123.36 - Intraday Resistance

123.56 - WS1

124.52 - Weekly Pivot

Trading recommendations:

Traders should now stay aside from the market and wait for the next trading setup to occur shortly.