FX.co ★ Techncial analysis of EUR/JPY for June 17, 2016

General overview for 17/06/2016:

As it was anticipated yesterday, another lower low was made at the level of 115.50 and it was labeled as wave (a) of the wave Y. The internal corrective sub-wave have managed to retrace up to the level of 118.15 and it was labeled as wave (b). Currently one more wave down is being expected to complete the overall structure, but it is worth to mention that on the weekly time frame the 61%Fibo at the level of 115.50 was hit as well, so wave (c) might be an ending diagonal pattern.

Support/Resistance:

115.50 - Intraday Support

117.20 - WS3

118.15 - WS2

118.50 - Intraday Resistance

119.23 - WS1

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.