Techncial analysis of EUR/JPY for June 16, 2016

General overview for 16/06/2016:
After another marginal lower low, the count has been changed and an alternative count has been added in order to incorporate the recent wave developments. The main count indicates a double zig-zag pattern in progress, the alternative count indicates a five-wave impulsive structure that is about to terminate. Currently, the market is trading at the level indicated in one of the earlier analyses last week, in particular I mean the weekly support zone between the levels of 117.20 - 118.50, so a possible reversal might happen any time now.

Support/Resistance:
117.20 - WS3
118.15 - WS2
118.49 - Intraday Resistance
119.23 - WS1
120.31 - Intraday Resistance
120.95 - Weekly Pivot
122.02 - WR1 123.74 - WR2

Trading recommendations:
All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone. Day traders and swing traders might consider opening buy orders from the current levels with tight SL and TP open for now.

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