FX.co ★ Technical analysis of EUR/JPY for July 29, 2016

General overview for 29/07/2016:

The wave b is still in progress and it might evolve into even more complex and time consuming structure. 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

117.12 - Intraday Resistance

116.88 - Weekly Pivot

115.34 - WS1

114.81 - Technical Support

114.57 - WS2

113.93 - Intraday Support

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.