FX.co ★ Technical analysis of EUR/JPY for May 6, 2016

General overview for 06/05/2016:

The market is slowly, but it is surely dropping lower towards the intraday support at the level of 121.66 as the wave (c) is developing. The intraday resistance at the level of 123.35 is still the key level to the upside. Currently, bears might want to break out below the dashed intraday trend line and test the recent low at the level of 121.66. Please notice that the market is still trading inside the pink bearish zone.

Support/Resistance:

126.45 - Swing High

124.27 - WR1

123.35 - Intraday Resistance

122.98 - Weekly Pivot

121.67 - Intraday Support

Trading recommendations:

The sell orders from the beginning of the week might now move the SL just above the 122.30 level, but TP remains at the level of 121.66.