Technical Analysis of EUR/JPY for April 26, 2016
General overview for 26/04/2016:
As anticipated yesterday the corrective cycle in wave 2 is not unfolding and the retracement can reach the projected level of 123.79 before any meaningful rally occurs. There might be some bullish intraday reaction at the intraday support at the level of 124.30, but the market should push lower towards the projected target anyway. Please notice that the price is now trading inside the neutral zone, but any breakout below the level of 123.36 will result in an immediate test of the recent local low at the level of 121.71.
121.71 - Local Low
123.36 - Bearish Zone Level
123.79 - Projected Target for Wave 2
124.30 - Intraday Support
124.52 - Weekly Pivot
124.95 - Intraday Resistance
Traders should now stay aside from the market and wait for the next trading setup to occur shortly.
The material has been provided by InstaForex Company - www.instaforex.com