FX.co ★ Technical analysis of EUR/JPY for May 30, 2016

General overview for 30/05/2016:

The wave b purple structure turned out to be a little more complex than anticipated, but still the count is correct and valid. The invalidation line however is relatively close, at the level of 124.02. Any breakout higher above this level will invalidate the black impulsive count and it will make the wave (b) blue more complex and time-consuming.

Support/Resistance:

124.85 - WR3

124.65 - Wave (b) High

124.23 - WR2

124.02 - Intraday Resistance

123.42 - WR1

123.10 - Intraday Support

122.82 - Weekly Pivot

121.99 - WS1

121.49 - WS2

Trading recommendations

All sell orders should be still kept open as the impulsive structure to the downside might still unfold anytime. The SL is still at the same place, above the level of 124.03.