Technical Analysis of EUR/JPY for July 1, 2016
General overview for 01/07/2016:
The ongoing complex corrective cycle in wave iv can be completed anytime. According to the Elliott Wave Theory, the price is still trying to complete wave (Z) of the overall corrective structure in wave B before the uptrend eventually resumes. The most important level for bulls is the technical resistance at the level of 115.48 as any breakout above this level opens the road towards the wave (X) last top. Currently, the pair is trading below the weekly pivot at the level of 114.13, and more downside is expected as wave (Z) hasn't been completed yet.
Support/Resistance:
109.55 - Brexit Low
111.37 - Intraday Support
113.34 - Intraday Support
114.81 - Intraday Resistance
114.13 - Weekly Pivot
115.48 - Technical Resistance
118.71 - WR1
Trading recommendations:
All sell orders from the last week might be kept open as long as the level of 1.15.48 is not clearly violated. New sell orders should be added between the levels of 113.22 - 114.13.
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