InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Techncial analysis of EUR/JPY for June 16, 2016

    General overview for 16/06/2016:

    After another marginal lower low, the count has been changed and an alternative count has been added in order to incorporate the recent wave developments. The main count indicates a double zig-zag pattern in progress, the alternative count indicates a five-wave impulsive structure that is about to terminate. Currently, the market is trading at the level indicated in one of the earlier analyses last week, in particular I mean the weekly support zone between the levels of 117.20 - 118.50, so a possible reversal might happen any time now.

    Support/Resistance:

    117.20 - WS3

    118.15 - WS2

    118.49 - Intraday Resistance

    119.23 - WS1

    120.31 - Intraday Resistance

    120.95 - Weekly Pivot

    122.02 - WR1

    123.74 - WR2

    Trading recommendations:

    All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone. Day traders and swing traders might consider opening buy orders from the current levels with tight SL and TP open for now.

    analytics5762465ae7775.jpg

    Show full picture

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree