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    Technical analysis of EUR/JPY for June 2, 2016 2016-06-02

    General overview for 02/06/2016:

    Since the wave X top is at the level of 124.20, the Elliott wave progression develops just as anticipated. The wave (a) and wave (b) of the overall three wave downside move are now in place, so currently only wave (c) must be developed in order to complete the structure. The projected target for this wave is at the level of 121.47.

    Support/Resistance:

    124.85 - WR3

    124.65 - Wave (b) High

    124.23 - WR2

    123.42 - WR1

    122.82 - Weekly Pivot

    122.63 - Intraday Resistance

    121.99 - WS1

    121.89 - Intraday Support

    121.48 - Black Impulsive Count Invalidation Level

    121.40 - WS2

    Trading recommendations

    All sell orders should be still kept open as the impulsive structure to the downside might still unfold anytime. The SL is still at the same place, above the level of 124.13.

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