FX.co ★ Technical analysis of EUR/JPY for April 24, 2015

General overview for 24/04/2015 09:30 CET

The corrective cycle in wave c purple is about to hit the anticipated target at the level of 129.94, just below the 78% Fibo at the level of 130.17. This is an area where the market is likely to reverse and continue lower. However any breakout higher would mean that the market is entering a bullish zone and the last swing high at the level of 131.30 might be tested. On the other hand, the key level to the downside is intraday support at the level of 128.95.

Support/Resistance:

128.95 - Intraday Support

129.94 - WR1

130.17 - 78%Fibo

130.70 - WR2

Trading recommendations:

Buy stop/limit orders from yesterday should be kept open as the market approaches TP at the level of 129.94. SL level might be lowered just below the level of 129.70 to lock some gains.