General overview for 22/12/2014 12:10 CET
There are some first indications that the current wave development is trying to break out to the upside, but first the important resistance at the level of 147.02 must be violated in a clear, impulsive fashion. If it happens, the price will enter the area, where it can try to break even higher above the neutral range. To do this, the upper zone boundary at the level of 148.23 must be violated. A lack of this kind of price action will result in another range zone congestion and a possible breakout lower through the golden trend line to the level of 144.98.
Support/Resistance:
149.77 - Swing High
149.63 - WR2
148.23 - Bullish Zone Level
147.74 - WR1
147.02 - Intraday Resistance
146.34 - Weekly Pivot
145.70 - Technical Support
144.98 - Intraday Support
Trading recommendations:
The impulsive wave progression might just have started and as long as the golden trend line is not broken, the traders should consider opening buy orders only. SL orders should be placed below the 146.34 level and TP orders should be placed at the level of 148.23.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for December 22, 2014 . Thanks for your support.
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