Technical Analysis of EUR/JPY for April 6, 2016

Technical Analysis of EUR/JPY for April 6, 2016

6 April 2016, 11:36
Roberto Jacobs
0
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Technical Analysis of EUR/JPY for April 6, 2016

General overview for 06/04/2016:

The most appropriate way to count the current wave progression is a triple zig-zag correction as the wave 2. The grey rectangular zone is a line in the sand for bulls, because any break out lower will eventually result in testing of the recent lows. 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.


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Support/Resistance:

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

Trading recommendations:

Traders should refrain from trading and wait for another trading setup to occur .


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


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