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29.04.201609:05 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 29, 2016

Long-term review

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General overview for 29/04/2016:

Five downside waves in the impulsive structure of the sub-wave c green were completed, and market might be ready for a corrective upward bounce. The whole simple corrective cycle, labeled as abc irregular flat correction, is completed as well. According to the main count, another upward leg might be made. Moreover, any violation of the level of 121.71 will invalidate the bullish impulsive scenario. Nevertheless, please notice that the simple correction might evolve into more complex and time consuming cycle.

Support/Resistance:

121.71 - Local Low/Intraday Support

122.52 - Intraday Resistance

123.36 - Intraday Resistance

123.56 - WS1

124.52 - Weekly Pivot

Trading recommendations:

Traders should now stay aside from the market and wait for the next trading setup to occur shortly.

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