Technical analysis of EUR/JPY for April 16, 2015 Market Analysis Review

General overview for 16/04/2015 08:10 CET

The impulsive channel breakout turned out to be the last sub-cycle of wave a green labeled as wave a purple. Currently, this sub-cycle looks completed and now some corrective wave b green should start to develop with the key level at 127.11, wich is intraday support. Please notice that the supply zone between 127.68 - 127.86 must be violated again to ensure a further bullish move to the upside. Otherwis, the wave b green might extend the decline lower, specially if the level of 127.11 gets broken.

Support/Resistance:

126.08 - Swing Low

127.11 - Intraday Support

127.68 - 127.86 - Supply Zone

128.23 - Intraday Resistance

128.35 - Weekly Pivot

128.56 - 128.76 - Supply Zone

Trading recommendations:

The corrective wave b green cycle is providing the opportunity to open buy orders with initial SL below the level of 127.11 with TP at the level of 127.86.

The material has been provided by InstaForex Company - www.instaforex.com



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