Technical analysis of EUR/JPY for December 23, 2014 Market Analysis Review

General overview for 23/12/2014 12:25 CET

The yesterday's intraday resistance at the level of 147.02 has been marginally broken, but so far there is no follow through with this breakout and the market has made an intraday double top. This pattern might suggest some decline now as the price might be heading to test the golden trend line and the weekly pivot at the level of 146.34. Nevertheless, 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 147.11 must be violated in a clear, impulsive fashion.

Support/Resistance:

149.77 - Swing High

149.63 - WR2

148.23 - Bullish Zone Level

147.74 - WR1

147.11 - Intraday Resistance

146.34 - Weekly Pivot

145.70 - Technical Support

144.98 - Intraday Support

Trading recommendations:

As long as the golden trend line is not broken the bias is bullish and traders should consider opening buy orders only. Still the 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.com



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