InstaForex - Analytics

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    Technical analysis of EUR/JPY for July 1, 2016

    General overview for 01/07/2016:

    The ongoing complex corrective cycle in wave iv can be completed anytime. According to the Elliott Wave Theory, the price is still trying to complete wave (Z) of the overall corrective structure in wave B before the uptrend eventually resumes. The most important level for bulls is the technical resistance at the level of 115.48 as any breakout above this level opens the road towards the wave (X) last top. Currently, the pair is trading below the weekly pivot at the level of 114.13, and more downside is expected as wave (Z) hasn't been completed yet.

    Support/Resistance:

    109.55 - Brexit Low

    111.37 - Intraday Support

    113.34 - Intraday Support

    114.81 - Intraday Resistance

    114.13 - Weekly Pivot

    115.48 - Technical Resistance

    118.71 - WR1

    Trading recommendations:

    All sell orders from the last week might be kept open as long as the level of 1.15.48 is not clearly violated. New sell orders should be added between the levels of 113.22 - 114.13.

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