Technical Analysis of EUR/JPY for April 21, 2016
General overview for 21/04/2016:
The wave 5 top seems to be in place but the alternative count suggest it is only the wave 3 top. In that case, after the corrective cycle is completed, one more wave upward is expected before any meaningful correction will happen. Moreover, any breakout below the intraday support at the level of 123.35 will invalidate the alternative count.
121.27 - WS1
122.63 - Weekly Pivot
123.12 - WR1
123.59 - Intraday Support
124.21 - Technical Resistance
124.43 - Intraday Resistance
124.48 - WR2
124.98 - WR3
All sell orders from last week should now be closed with profit. Traders should now stay aside from the market and wait for the next trading setup to occur shortly.