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    Technical analysis of EUR/JPY for July 21, 2016

    General overview for 21/06/2016:

    The wave (b) top looks to be in place, so now there is only wave (c) to the downside left to complete the overall structure. To confirm this count the market should impulsively break out below the intraday support at the level of 117.30 and head towards the wave (a) bottom. On the other hand, any violation of the level of 119.46 would mean the bottom for the wave Y brown would be in place at the level of 115.48, and the current upward wave progression would be the beginning of a new impulsive structure.

    Support/Resistance:

    115.06 - WS1

    115.48 - Local Low

    117.30 - Intraday Support

    117.72 - Weekly Pivot

    119.46 - Intraday Resistance

    119.94 - WR1

    122.54 - WR2

    124.18 - Wave X Top

    Trading recommendations:

    If the level of 119.46 is clearly violated, then all swing sell orders should be closed, because the market might be at the turning point, when the bigger time frame cycles had bottomed and a new, impulsive cycle to the upside might have started.

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