Technical Analysis of EUR/JPY for April 19, 2016

Technical Analysis of EUR/JPY for April 19, 2016

19 April 2016, 10:40
Roberto Jacobs
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Technical Analysis of EUR/JPY for April 19, 2016


eurjpy19042016.jpg


Technical outlook and chart setups:

The EUR/JPY pair is trading around 123.50 levels for now, preparing to rally towards 125.75 levels. Please note that fibonacci 0.618 resistance is also passing through 125.75 levels and a bearish reaction is expected there. The wave structure indicates that EUR/JPY has unfolded into 5 waves from 128.20 through 121.60/70 levels. It is now expected to produce a countertrend rally (3 waves), which is expected to terminate at 125.75 levels. Hence it is recommended to initiate long positions at 122.50/60 levels, with risk at 121.60 levels. Immediate resistance is seen at 124.20 levels, while support is seen through 121.60 levels respectively.

Trading recommendations:

Look to go long around 122.50/60, stop at 121.60, target is 125.75.

Good luck!


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