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    Technical analysis of EUR/JPY for May 11, 2016 2016-05-11

    General overview for 11/05/2016:

    The typical retracement level for the wave c of the wave (b) had been hit and now it looks like the market has reversed. To confirm the reversal is true, the price must drop below the intraday support at the level of 123.50 and then below 123.23 technical support. Extension to the upside is possible only of the price will break out above the local high at 124.40 in an impulsive fashion. Otherwise, lower prices are expected in this market.

    Support/Resistance:

    120.33 - WS2

    121.20 - WS1

    122.36 - Weekly Pivot

    123.23 - WR1

    123.53 - Intraday Support

    124.37 - WR2

    124.66 - Intraday Resistance

    125.25 - WR3

    Trading recommendations:

    Day traders should consider opening sell orders from the current market levels with a tight SL (10-15 pips) and TP open for now (might extend to around 120.33). Please use a tight SL because there are three different targets for the wave (b) to complete and at this stage of progression it is impossible to tell on which one the wave ends.

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