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Technical analysis of EUR/JPY for June 18, 2015

General overview for 18/06/2015 07:30 CET

The current wave development on this pair is a complex and time-consuming corrective cycle that we have been tracking since June 4. According to the newest labeling, there is still one more wave to the downside missing and it had been labeled on the chart as the wave Y black. The main support for the market is still the grey rectangle supply the breakthrough zone, so only violation of this area will confirm the current labeling. On the other hand, any breakout above the intraday resistance at the level of 140.45 will possibly lead to the recent test of a swing high and the corrective cycle will be invalidated together with a higher time frame cycles (daily and weekly).

Support/Resistance:

141.05 - Swing High

140.45 - Intraday Resistance

139.70 - WR1

139.38 - Intraday Support

138.82 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening sell orders from current price levels with SL above the level of 140.46 and TP at the level of 139.38.

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