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24.05.201608:33 Forex Analysis & Reviews: Technical analysis of EUR/JPY for May 24, 2016

Long-term review

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General overview for 24/05/2016:

The impulsive down move is unfolding as expected and there is still at least one more wave to the downside needed. The most important level is now the intraday support at the level of 122.63, because any break out lower will confirm the current structure and put the level of 121.47 for test. Please notice that the projected target at the level of 121.47 might be extended lower towards the levels of 121.00 and 120.50.

Support/Resistance:

121.47 - Projected Target Level

121.92 - WS2

122.63 - Intraday Support

122.77 - WS1

122.91 - Intraday Resistance

123.14 - Black Impulsive Count Invalidation Level

123.46 - Weekly Pivot

124.34 - WR1

Trading recommendations:

All sell orders from last week should be still kept open as the target hasn't been hit yet. More sell orders might be added after the level of 122.63 is violated.

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