Technical analysis of EUR/JPY for December 23, 2015 Market Analysis Review

General overview for 23/12/2015 09:40 CET

The recent upswing looks quite corrective and the whole structure is evolving into a more complex WXYXXZ pattern. This means that one more low will be made below the level of 131.04. Please notice that the invalidation line or the whole structure is seen at the level of 129.65.

Support/Resistance:

134.82 - WR2

134.57 - Swing High

133.11 - WR1

132.76- Intraday Resistance

132.06 - Weekly Pivot

131.04 - Intraday Support

130.68 - WS1

129.65 - Invalidation Level

Trading recommendations:

Day traders should consider placing sell orders from the current market levels with SL above the level of 132.76 and TP at the level of 131.20.

The material has been provided by InstaForex Company - www.instaforex.com

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