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13.12.2016 12:38 PM
Technical analysis of EUR/JPY for December 13, 2016

General overview for 13/12/2016:

The corrective cycle continues with top for the wave b (green) in place. Currently, the market is trading just below the gray supply zone, but still above the golden trend line, so it might attack the recent high at the level of 123.34 any time now. Please notice, that this is wave four in progress, so the correction might evolve to a more complex and time-consuming pattern like a triangle. Sideways price action between the level of 123.34 and 120.89 is expected for now until the correction is completed.

Support/Resistance:

123.34 - Intraday Resistance

121.93 - Intraday Support

121.38 - Weekly Pivot

120.89 - Intraday Support

119.40 - WS1

118,71 - Technical Support

Trading recommendations:

Day traders should consider opening only sell orders with SL just above the level of 123.34. TP Should be set at the bottom of the range.

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