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Technical analysis of EUR/JPY for June 2, 2016

General overview for 02/06/2016:

Since the wave X top is at the level of 124.20, the Elliott wave progression develops just as anticipated. The wave (a) and wave (b) of the overall three wave downside move are now in place, so currently only wave (c) must be developed in order to complete the structure. The projected target for this wave is at the level of 121.47.


124.85 - WR3

124.65 - Wave (b) High

124.23 - WR2

123.42 - WR1

122.82 - Weekly Pivot

122.63 - Intraday Resistance

121.99 - WS1

121.89 - Intraday Support

121.48 - Black Impulsive Count Invalidation Level

121.40 - WS2

Trading recommendations

All sell orders should be still kept open as the impulsive structure to the downside might still unfold anytime. The SL is still at the same place, above the level of 124.13.


The material has been provided by InstaForex Company -