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04.12.201509:57 Forex Analysis & Reviews: Technical analysis of EUR/JPY for December 4, 2015

Long-term review

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General overview for 04/12/2015 08:50 CET

The ending diagonal pattern in wave (c) blue had been completed. The price exploded to the upside following the news release. The target for big cycle wave C is above the top of the wave A, but first the market must break out above the descending golden channel trend line around the level of 136.00.

Support/Resistance:

129.33 - WS1

130.18 - Weekly Pivot

130.71 - WR1

131.57 - WR2

132.06 - WR3

134.48 - Intraday Resistance

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur, because current risk to reward ratio is too large for any trade. Patience is needed.

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