FX.co ★ Technical analysis of EUR/JPY for July 13, 2016

General overview for 13/07/2016:

The technical resistance at the level of 115.50 has been broken, and the price has made another higher high at the level of 116.40. According to the main count, this level might be the top for the abc corrective cycle in wave (b), but there is still a chance that the impulsive structure to the upside is in progress after the truncated wave v terminated at the level of 110.83. Moreover, any breakout below the intraday support at the level of 114.77 will likely make the price move lower towards the level of 113.00.

Support/Resistance:

108.24 - WS2

109.25 - WS1

109.55 - Wave ii Bottom

111.93 - Weekly Pivot

113.00 - WR1

114.76 - Intraday Support

115.55 - WR2

116.39 - Intraday Resistance

116.65 - WR3

Trading recommendations:

All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.