Technical analysis of EUR/JPY for November 18, 2015 Market Analysis Review

General overview for 18/11/2015 11:05 CET

The market still trades inside the bearish zone, but any new dip is being bought back up. The current wave development is very choppy and full of false breakouts. Nevertheless, first bullish breakout confirmation comes with the breakout of the intraday resistance at the level of 132.19 with the target at the level of 132.80. On the other hand, the bearish breakout confirmation comes with the violation of the 131.11 level with the target at the level of 130.69.

Support/Resistance:

130.44 - WS1

131.48 - Intraday Support

131.81 - Weekly Pivot

132.20 - Intraday Resistance

132.36 - WR1

Trading recommendations:

Day traders should place buy orders at the current levels with SL below the level of 131.11 and TP, which is open now.

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 November 18, 2015 . Thanks for your support.