FX.co ★ Technical analysis of EUR/JPY for July 28, 2016

General overview for 28/07/2016:

The new, upward wave progression might be currently developing, but to confirm this scenario, the market must break out above the highs at the level of 118.38 in an impulsive fashion. The 61% Fibo at the level of 116.93 is the most important level for bears as any break out higher will directly expose the recent swing top. Otherwise the correction in the wave b green might evolve into more complex and time-consuming.

Support/Resistance:

119.22 - WR2

118.38 - Wave b Top

117.63 - WR1

116.88 - Weekly Pivot

115.48 - Intraday Resistance

115.34 - WS1

114.81 - Technical Support

114.57 - WS2

113.73 - 61% Fibo

113.01 - WS3

Trading recommendations:

All sell orders from last week should now be closed as the TP at the level of 115.48 has been hit. Please note that the next TP for the sell orders is at the level of 113.73.