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16.04.201508:13 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 16, 2015

Long-term review

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General overview for 16/04/2015 08:10 CET

The impulsive channel breakout turned out to be the last sub-cycle of wave a green labeled as wave a purple. Currently, this sub-cycle looks completed and now some corrective wave b green should start to develop with the key level at 127.11, wich is intraday support. Please notice that the supply zone between 127.68 - 127.86 must be violated again to ensure a further bullish move to the upside. Otherwis, the wave b green might extend the decline lower, specially if the level of 127.11 gets broken.

Support/Resistance:

126.08 - Swing Low

127.11 - Intraday Support

127.68 - 127.86 - Supply Zone

128.23 - Intraday Resistance

128.35 - Weekly Pivot

128.56 - 128.76 - Supply Zone

Trading recommendations:

The corrective wave b green cycle is providing the opportunity to open buy orders with initial SL below the level of 127.11 with TP at the level of 127.86.

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