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.
The material has been provided by InstaForex Company – www.instaforex.com
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