FX.co ★ Technical analysis of EUR/JPY for July 19, 2016

General overview for 19/07/2016:

The intraday support at the level of 116.41 is providing good support for the market as it trades inside the yellow neutral zone. The anticipated wave b is currently unfolding, and a choppy wave development is expected during this cycle. The key level to the downside is a technical support at the level of 114.75.

Support/Resistance:

122.91 - WR2

122.67 - Technical Resistance

120.11 - WR1

118.40 - Intraday Resistance

116.41 - Intraday Support

115.54 - Weekly Pivot

114.75 - Technical Support

112.85 - WS1

110.83 - Technical Support

Trading recommendations:

Due to the unclear outlook, investors should refrain from trading and wait for a better trading setup to occur shortly.