FX.co ★ Technical analysis of EUR/JPY for May 27, 2016

General overview for 27/05/2016:

The three wave corrective cycle in wave 2 might be completed, but this corrective wave might still evolve into more complex cycle. To confirm the wave 2 top is in pace, bears must push the price lower towards the intraday support at the level of 122.25 and break out below it. Please notice the correction in wave 2 might extend higher than the intraday resistance at the level of 123.10. Nevertheless, in the near term another wave down is being expected anyway.

Support/Resistance:

121.47 - Projected Target Level

121.92 - WS2

122.25 - Intraday Support

122.77 - WS1

123.10 - Intraday Resistance

123.14 - Black Impulsive Count Invalidation Level

123.46 - Weekly Pivot

124.34 - WR1

Trading recommendations:

All sell orders from last week should be still kept open as the target hasn't been hit yet. More sell orders might be added after the level of 122.25 is violated.