FX.co ★ Technical analysis of EUR/JPY for June 7, 2016

General overview for 07/06/2016:

As anticipated yesterday, the bottom for the wave C looks to have been found, and now the market might unfold an impulsive structure to the upside. The price is trading inside of the green bullish zone, and as long as the intraday support at the level of 121.87 is not clearly violated, the odds for another move upward are high. The confirmation of a bullish trend change comes with the level of 121.61 breakout.

Support/Resistance:

120.56 - WS3

120.81 - Intraday Support

121.78 - Weekly Pivot

121.89 - Intraday Support

122.74 - WR1

Trading recommendations:

Swing traders should close all their long-term swing sell orders as the market might be ready to establish a long-term bottom and reverse upward.