FX.co ★ Technical analysis of EUR/JPY for July 22, 2016

General overview for 22/07/2016:

The top for the wave b has been established at the level of 118.38, and now the market should start to develop one more wave to the downside in order to complete the whole structure in wave b green. The projected target for wave c of wave b green is at the technical support at the level of 114.81. Please notice that the wave b might still evolve into a more complex and time-consuming pattern.

Support/Resistance:

122.91 - WR2

122.67 - Technical Resistance

120.11 - WR1

118.40 - Intraday Resistance

115.54 - Weekly Pivot

115.48 - Intraday Support

114.75 - Technical Support

112.85 - WS1

110.83 - Technical Support

Trading recommendations:

Due to the unclear outlook, investors should refrain from trading and wait for a better trading setup to occur shortly.