FX.co ★ Technical analysis of EUR/JPY for July 25, 2016

General overview for 25/07/2016:

The top for the wave b was established at the level of 118.38 and now another sub-wave down is being developed in order to complete the wave b green correction. Currently, the market trades in congestion zone that looks like a triangle pattern and a break out down towards the intraday support at the level of 115.48 is being anticipated.

Support/Resistance:

119.22 - WR2

118.38 - Wave b Top

117.63 - WR1

116.88 - Weekly Pivot

115.48 - Intraday Support

115.34 - WS1

114.81 - Technical Support

114.57 - WS2

113.01 - WS3

Trading recommendations:

All sell orders from the last week should be still kept open as there is still one more wave to the downside anticipated. The first TP is at the level of 115.48.