Technical Analysis of EUR/JPY for April 4, 2016

General overview for 04/04/2016:

The impulsive Wave progression to the upside has been completed and now the market is in the Corrective Cycle. Three waves of this corrective cycle are now almost completed with the projected targets at the level of 126.44 and 126.03 in case of extension in wave c purple. Please note that the alternative count still points out more complex and time consuming corrective cycle, labeled as (a) (b) (c) blue. Moreover, any violation of the level of 124.66 will invalidate the bullish impulsive count.

Support/Resistance:

124.66 - Blue Impulsive Cycle Invalidation Level

125.41 - WS2

126.03 - Projected Target For Wave c

126.24 - WS1

126.44 - Projected Target For Wave c

126.95 - Intraday Resistance

127.22 - Weekly Pivot

128.05 - WR1

128.21 - Local High

Trading recommendations:

Traders should refrain from trading and wait for another trading setup to occur .