Technical analysis of EUR/JPY for December 24, 2015 Market Analysis Review

General overview for 24/12/2015 09:30 CET

The wave a of the last leg of a corrective abc pattern has been formed and now wave b purple is in progress. This means that one more low will be reached 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

131.48 - 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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for December 24, 2015 . Thanks for your support.