FX.co ★ Technical analysis of EUR/JPY for June 23, 2016

General overview for 23/06/2016:

The level of 119.47 has been violated, so now the alternative count is in charge. According to this count, the bottom for the wave Z brown of the overall corrective cycle is now in place at the level of 115.48 and the market should continue moving higher. The next important level would be the intraday resistance at the level of 121.06.

Support/Resistance:

115.06 - WS1

115.48 - Local Low

117.72 - Weekly Pivot

119.46 - Intraday Support

119.94 - WR1

121.06 - Intraday Resistance

122.54 - WR2

124.18 - Wave X Top

Trading recommendations:

All swing sell orders should be closed because the market might be at the turning point when the bigger time frame cycles have bottomed and a new impulsive cycle to the upside might have started.