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    Technical analysis of EUR/JPY for June 4, 2015

    General overview for 04/06/2015 09:00 CET

    The target zone, projected yesterday, had been met and the market went even higher establishing the current local top at the level of 140.33. Wave five progression to the upside had been completed as well. Now, the market should enter a downward corrective cycle with the first support at the level of 138.87. Please notice that any sustained breakout below the supply breakthrough zone (grey rectangle between 138.05 and 138.31) means the top for the wave B is in place and sell-off will continue lower.

    Support/Resistance:

    140.33 - Swing High

    138.87 - Intraday Support

    138.05 - 138.31 - Supply Breakthrough Zone

    136.95 - Technical Support

    Trading recommendations:

    Reversal is not confined yet, but the impulsive cycle looks completed. Daytraders might consider opening intraday scalps from current price levels with SL above the level 140.34 and TP at the level of 138.87.

     

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