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05.04.201609:16 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 5, 2016

Long-term review

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General overview for 05/04/2016:

Both of the projected target levels for wave c were violated. Currently the market is trading below this levels, testing the 78% Fibo support at the level of 125.50. The grey rectangular zone is the line in sand for bulls, because any break out lower will eventually result in the recent lows test or even break out. Please note that the alternative count still points out more complex and time-consuming corrective cycle, labeled as (a) (b) (c) blue. Moreover, any violation of the level of 124.66 will invalidate the bullish impulsive count.

Support/Resistance:

124.66 - Blue Impulsive Cycle Invalidation Level

125.41 - WS2

125.36 - Intraday Support

126.03 - Projected Target For Wave c

126.24 - WS1

126.44 - Intraday Resistance

126.95 - Intraday Resistance

127.22 - Weekly Pivot

128.05 - WR1

128.21 - Local High

Trading recommendations:

Traders should refrain from trading and wait for another trading setup to occur .

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