Technical Analysis of EUR/JPY for April 5, 2016
General overview for 05/04/2016:
Both of the projected target levels for wave c were violated. Currently the market is trading below this levels, testing the 78% Fibo support at the level of 125.50. The grey rectangular zone is the line in sand for bulls, because any break out lower will eventually result in the recent lows test or even break out. Please note that the alternative count still points out more complex and time-consuming corrective cycle, labeled as (a) (b) (c) blue. Moreover, any violation of the level of 124.66 will invalidate the bullish impulsive count.
124.66 - Blue Impulsive Cycle Invalidation Level
125.41 - WS2
125.36 - Intraday Support
126.03 - Projected Target For Wave c
126.24 - WS1
126.44 - Intraday Resistance
126.95 - Intraday Resistance
127.22 - Weekly Pivot
128.05 - WR1
128.21 - Local High
Traders should refrain from trading and wait for another trading setup to occur .
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