FX.co ★ Techncial analysis of EUR/JPY for June 16, 2016

General overview for 16/06/2016:

After another marginal lower low, the count has been changed and an alternative count has been added in order to incorporate the recent wave developments. The main count indicates a double zig-zag pattern in progress, the alternative count indicates a five-wave impulsive structure that is about to terminate. Currently, the market is trading at the level indicated in one of the earlier analyses last week, in particular I mean the weekly support zone between the levels of 117.20 - 118.50, so a possible reversal might happen any time now.

Support/Resistance:

117.20 - WS3

118.15 - WS2

118.49 - Intraday Resistance

119.23 - WS1

120.31 - Intraday Resistance

120.95 - Weekly Pivot

122.02 - WR1

123.74 - WR2

Trading recommendations:

All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone. Day traders and swing traders might consider opening buy orders from the current levels with tight SL and TP open for now.