18.12.201509:31 Forex Analysis & Reviews: Technical analysis of EUR/JPY for December 18, 2015

Long-term review

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General overview for 18/12/2015 08:10 CET

An internal wave progression of wave Y brown might be completed now as the first targeted level has been hit and the market might resume its upward trend any time soon. Nevertheless, the corrective cycle might as well turn into more complex and time-consuming cycle as well. This is why as long as the wave b green top is not violated, which would be a bullish confirmation, the outlook is still sideways to bearish.

Support/Resistance:

134.74 - WR2

134.57 - Swing High

133.62 - WR1

133.11 - Weekly Pivot

132.70 - Intraday Resistance

132.12 - 50%Fibo

132.04 - WS1

Trading recommendations:

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

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