Technical analysis of EUR/JPY for December 11, 2014 Market Analysis Review

General overview for 11/12/2014 07:30 CET

The 1:1 market geometry corrective move measure has been hit almost to the pip and now market slightly bounced from the level of 146.42 and will make that level an intraday support. The abc green corrective cycle in wave Y brown might be regarded as completed, but to confirm it the market must impulsively break out above the level of 147.33 first, and then test the golden trend line somewhere at the level of 148.32. Otherwise one more leg to the downside still may be expected, with the projected target at the level of 145.70 first.

Support/Resistance:

151.04 - WR1

149.76 - Technical Resistance

149.00 - Weekly Pivot

148.32 - WS1

147.33 - Intraday Resistance

146.42 - Intraday Support

146.34 - WS2

Trading recommendations:

Daytraders: Unfortunately, the sell orders from the level of 147.37 have missed the yesterday's TP at the level of 146.34 by mere 7 pips. So if you are the one who did not close this trade yesterday, please move the SL to the BE and keep waiting.

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



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