Technical analysis of EUR/JPY for April 11, 2016

General overview for 11/04/2016:
The current wave development looks to be stopped inside of a possible triangle pattern which is typical for wave (b) correction. Nevertheless, the corrective cycle might evolve into a less complex and time-consuming pattern, especially if the intraday resistance at the level of 124.24 is clearly violated. For now, however, sideways price action below the weekly pivot is expected.

Support/Resistance:
122.53 - Intraday Support
124.11 - Weekly Pivot
124.24 - Intraday Resistance
125.66 - WR1

Trading recommendations:
Traders should sell the triangle pattern area with SL above the level of 124.24 and TP at the lows of the triangle pattern around the level of 122.50.

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