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Wave analysis

21.04.201607:01 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 21, 2016

Long-term review

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General overview for 21/04/2016:

The wave 5 top seems to be in place but the alternative count suggest it is only the wave 3 top. In that case, after the corrective cycle is completed, one more wave upward is expected before any meaningful correction will happen. Moreover, any breakout below the intraday support at the level of 123.35 will invalidate the alternative count.

Support/Resistance:

121.27 - WS1

122.63 - Weekly Pivot

123.12 - WR1

123.59 - Intraday Support

124.21 - Technical Resistance

124.43 - Intraday Resistance

124.48 - WR2

124.98 - WR3

Trading recommendations:

All sell orders from last week should now be closed with profit. Traders should now stay aside from the market and wait for the next trading setup to occur shortly.

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