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Technical analysis of EUR/JPY for June 30, 2015

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

The whole weekend gap had been filled in and the weekly pivot resistance at the level of 138.04 had capped the rally. On the other hand, the main impulsive count was invalidated due to wave one and wave four overlaps. Currently, there are two possible counts on the intraday chart and the key level that will invalidate one of those counts is the impulsive count-invalidation line at the level of 135.68.

Support/Resistance:

133.75 - Swing Low

135.68 - Alternative Impulsive Count Invalidation Level

136.13 - Weekly Pivot

136.67- Intraday Support

138.04 - WR1

138.09 - Intraday Resistance

Trading recommendations:

Daytraders should still refrain from trading and wait for the important levels to be tested first: the intraday resistance at the level of 138.05 or the invalidation line at the level of 135.68.

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