FX.co ★ Technical analysis of EUR/JPY for July 20, 2016

General overview for 20/07/2016:

As the level of 116.41 is providing good support for the price, it has been tested two times already. Another lower high had been made in this market as well, so now wave c should be 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.