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Technical analysis of EUR/JPY for May 17, 2016

General overview for 17/05/2016:

After the lading diagonal wave (i) has been made, the first corrective cycle to the upside looks completed as well. Nevertheless, please remember that the invalidation of this structure is at the level of 124.65, so as long as the internal corrective cycle in a potential wave (ii) green is developing below this level, the chances for a downward trend continuation are high. On the other hand, in case of the violation of the 124.65 level, the market might evolve into a more complex and time-consuming structure in wave (b) blue.

Support/Resistance:

121.47 - Swing Low

121.56 - WS1

122.67 - Intraday Support

123.11 - Weekly Pivot

123.79 - Intraday Resistance

124.08 - WR1

124.55 - Wave (b) High

125.61 - WR2

Trading recommendations:

Day traders should consider selling the rally in this market with SL above the level of 125.65 and TP open for now, because we expect an impulsive wave progression to the downside to continue in the near term.

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