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12.02.201609:12 Forex Analysis & Reviews: Technical analysis of EUR/JPY for Febuary 12, 2016

Long-term review

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General overview for 12/02/2016:

An impulsive bullish count has been invalidated due to wave one and wave two overlaps. The current count however still indicates a possible upward wave progression as the low for the wave B cycle seems to be in place. This would mean the market still needs to make one more wave to the upside, wave C blue to complete the bigger-time-frame corrective cycle.

Support/Resistance:

126.08 - Invalidation Level

126.86 - Intraday Support

127.39 - WS3

128.26 - Intraday Resistance

128.76 - WS2

129.34 - WS1

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the nearest term.

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