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

General overview for 27/06/2016:

The market is trying to complete the wave (Z) of the overall corrective structure in wave B before the uptrend will eventually resume. 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 slide is being expected as wave (Z) hasn't been completed yet.

Support/Resistance:

109.55 - Brexit Low

111.63 - Intraday Support

113.22 - 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.