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    Technical analysis of EUR/JPY for May 16, 2016 2016-05-16

    General overview for 16/05/2016:

    The downward wave progression looks promising as the first five waves in the form of a Leading Diagonal Triangle has been made. The invalidation of this structure is at the level of 124.65, so as long as the internal corrective cycle in a potential wave (ii) green is developing below this level, the chances for downward trend continuation are high. On the other hand, in case of the level of 124.65 violation, the market might evolve to more complex and time consuming structure in wave (b) blue.

    Support/Resistance:

    121.47 - Swing Low

    121.56 - WS1

    122.67 - Intraday Support

    123.11 - Weekly Pivot

    123.79 - Intraday Resistance

    124.08 - WR1

    124.55 - Wave (b) High

    125.61 - WR2

    Trading recommendations:

    Day traders should consider to sell the rally in this market with SL above the level of 125.65 and TP open for now, because we expect an impulsive wave progression to the downside to continue in the near term.

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