Technical Analysis of EUR/JPY for April 25, 2016
General overview for 25/04/2016:
The Elliott wave count has been little modified to incorporate the recent price action. Currently, the corrective cycle in wave 2 is expected, and the retracement can reach the projected level of 123.79 before any meaningful rally occurs. Please notice that the price is now trading inside of the neutral zone, but any breakout below the level of 123.36 will result in an immediate test of the recent local low at the level of 121.71.
Support/Resistance:
121.71 - Local Low
123.36 - Bearish Zone Level
123.79 - Projected Target for Wave 2
124.52 - Weekly Pivot
124.95 - Intraday Support
125.52 - Intraday Resistance
Trading recommendations:
Traders should now stay aside from the market and wait for the next trading setup to occur shortly.
The material has been provided by InstaForex Company - www.instaforex.com
