Technical Analysis of EUR/JPY for April 11, 2016
General overview for 11/04/2016:
The current wave development looks to be stopped inside of a possible triangle pattern which is typical for wave (b) correction. Nevertheless, the corrective cycle might evolve into a less complex and time-consuming pattern, especially if the intraday resistance at the level of 124.24 is clearly violated. For now, however, sideways price action below the weekly pivot is expected.
122.53 - Intraday Support
124.11 - Weekly Pivot
124.24 - Intraday Resistance
125.66 - WR1
Traders should sell the triangle pattern area with SL above the level of 124.24 and TP at the lows of the triangle pattern around the level of 122.50.
The material has been provided by InstaForex Company - www.instaforex.com