Technical analysis of EUR/JPY for December 14, 2015 Market Analysis Review

General overview for 14/12/2015 08:50 CET

A corrective cycle might be evolving into more complex WXY pattern if the level of 133.33 is not clearly violated. However, if this level is broken, the abcde green triangle pattern in wave (b) is completed and impulsive wave to the upside is in progress.

Support/Resistance:

134.74 - WR2

134.57 - Swing High

133.62 - WR1

133.33 - Intraday Resistance

133.11 - Weekly Pivot

132.48 - Intraday Support

132.12 - 50%Fibo

Trading recommendations:

Day traders should consider placing sell orders only from the level of 133.33 with tight SL and TP at the level of 132.47 and 132.12.

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