Technical analysis of EUR/JPY for December 28, 2015 Market Analysis Review

General overview for 28/12/2015 08:40 CET

The wave c purple in the complex corrective structure hasn't been completed yet and the new lower low is still being expected in this pair. Nevertheless, any breakout higher above the intraday resistance at the level of 132.77 will be the first clue that wave XX brown might not been completed as well. Moreover, any breakout above the level of 133.76 will invalidate the idea of a complex corrective cycle, so this level is worth keeping an eye on.

Support/Resistance:

129.87 - WS3

130.68 - WS2

131.02 - Technical Support

131.14 - WS1

131.48 - Intraday Support

131.96 - Weekly Pivot

132.44 - WR1

132.77 - Intraday Resistance

133.26 - WR2

133.74 - WR3

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 132.77 and TP at the level of 131.48 and below.

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

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