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Technical analysis of EUR/JPY for July 15, 2016

General overview for 15/07/2016:

The bearish divergence between the price and momentum oscillator at the top of wave iii and wave v is getting more visible now, and a corrective cycle to the downside is expected. A breakout below the intraday support at the level of 116.42 is needed to confirm the bearish intraday wave progression. The first possible target for wave (ii) or b is at the level of 114.75.

Support/Resistance:

108.24 - WS2

109.25 - WS1

109.55 - Wave ii Bottom

111.93 - Weekly Pivot

113.00 - WR1

114.76 - Technical Support

115.55 - WR2

116.42 - Intraday Support

116.65 - WR3

118.40 - Intraday Resistance

Trading recommendations:

All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.

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The material has been provided by InstaForex Company - www.instaforex.com