Technical analysis of EUR/JPY for December 21, 2015 Market Analysis Review

General overview for 21/12/2015 08:10 CET

A corrective cycle in wave 2 blue looks completed, but the confirmation that a low is in place comes with violation of intraday resistance at 132.20. Any kind of a breakout higher like this might lead to more gains in this pair. Please notice 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

132.20 - 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 current market levels with SL above the level of 132.21 and TP at the level of 131.20.

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

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