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21.12.201509:19 Forex Analysis & Reviews: Technical analysis of EUR/JPY for December 21, 2015

Long-term review

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General overview for 21/12/2015 08:10 CET

A corrective cycle in wave 2 blue looks completed, but the confirmation that a low is in place comes with violation of intraday resistance at 132.20. Any kind of a breakout higher like this might lead to more gains in this pair. Please notice the invalidation line or the whole structure is seen at the level of 129.65.

Support/Resistance:

134.82 - WR2

134.57 - Swing High

133.11 - WR1

132.20 - Intraday Resistance

132.06 - Weekly Pivot

131.04 - Intraday Support

130.68 - WS1

129.65 - Invalidation Level

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 132.21 and TP at the level of 131.20.

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