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