03.06.201508:44 Forex Analysis & Reviews: Technical analysis of EUR/JPY for June 3, 2015

General overview for 03/06/2015 08:30 CET

As anticipated yesterday, the 261%Fibo at the level of 138.72 was hit, but it looks like this local top is wave -iii- blue top and not wave -v- blue top. In that case, there is another projected target zone (orange rectangle) between the levels of 139.38 and 139.71 that will act as resistance and a target for wave -v- blue. This zone might be even a pivot point for this pair as the main count wave C black of the irregular correction might terminate at these levels.

Support/Resistance:

139.38 - 139.71 - Target Zone For Wave C

138.87 - Intraday Resistance

138.72 - 261%Fibo

138.55 - WR2

137.95 - WR1

137.84 - Intraday Support

136.59 - Invalidation Level

Trading recommendations:

All yesterday's target levels has been met and now the higher time frame counts are pointing to a possibility of reversal. In that case, traders should wait for market responce in the projected target zone (139.38 - 139.71). They should refrain from trading and wait for reversal confirmation.