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Technical analysis of EUR/JPY for June 26, 2015

General overview for 26/06/2015 14:50 CET

The grey rectangle supply breakthrough zone was violated in the last wave down ( -v- blue ) and currently the market is in the corrective abc green cycle. The bias is still bearish and as soon as the correction is completed, the market should resume the downward wave progression to complete another wave down. Only an impulsive breakout above the intraday resistance at the level of 139.25 would invalidate the view.

Support/Resistance:

137.07 - WS2

137.64 - Local Low

137.79 - Intraday Support

137.98 - 138.28 - Supply Breakthrough Zone

138.50 - WS1

139.25 - Intraday Resistance

Trading recommendations:

The sell orders should be still kept open as the wave progression to the downside has not been completed yet. The first target is still at the level of 137.07.

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