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    Technical analysis of EUR/JPY for June 10, 2016 2016-06-10

    General overview for 10/06/2016:

    The count has been slightly changed after the wave (c) had made one more local low at the level of 120.30. Moreover, this level might be the bottom of the bigger time frame cycle labeled as wave C. If this scenario is correct, then the price should break out above the intraday resistance at the level of 121.33 in impulsive fashion and head towards the level of 122.74. On the other hand, if the price reverses at this level, then another lower low should be expected and the whole structure in wave (c) will be an ending diagonal pattern.

    Support/Resistance:

    120.31 - Intraday Support

    120.56 - WS3

    121.33 - Intraday Resistance

    121.78 - Weekly Pivot

    122.74 - WR1

    Trading recommendations:

    Swing traders should close all their long-term swing sell orders as the market might be ready to establish a long-term bottom and reverse upwards.

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