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

General overview for 24/11/2015 10:30 CET

An ending diagonal scenario is unfolding well as another sub-wave down has been completed. A growing bullish divergence between the price and momentum oscillator supports the view that an anticipated upside breakout will materialize soon. A breakout above the weekly pivot point at the level of 131.13 will be another indication of increasing upside momentum.

Support/Resistance:

129.96 - WS1

130.33 - Intraday Support

130.64 - Intraday Resistance

131.07 - Intraday Resistance

131.14 - Weekly Pivot

131.58 - WR1

Trading recommendations:

Day traders should consider placing buy orders only if the level of 131.06 is clearly violated, with tight SL and TP set at the level of 131.41.

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