FX.co ★ Technical analysis of EUR/JPY for July 6, 2016

General overview for 06/07/2016:

The triangle downside breakout occurred as anticipated after a small, internal triangle pattern in wave e had been terminated as well. Currently, the market is trading below the weekly pivot and one more low below the level of 109.55 is still being expected. There are no signs of any divergence yet as well.

Support/Resistance:

109.07 - WS3

109.55 - Wave iii Bottom

110.32 - WS2

111.37 - Intraday Support

112.53 - WS1

113.29 - Intraday Resistance

113.66 - Weekly Pivot

114.78 - Intraday Resistance

115.48 - Technical Resistance

116.00 - WR1

117.07 - WR2

119.33 - WR3

Trading recommendations:

The sell order should be kept open and SL should be moved to the level of 113.30. The reason for this trade is that there is still one more wave to the downside missing.