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Wave analysis

28.12.201615:14 Forex Analysis & Reviews: Technical analysis of EUR/JPY for December 28, 2016

Long-term review

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General overview for 28/12/2016:

Wave b (purple) has extended to the upside a little higher than anticipated, but there is still a very high chance that the triangle pattern is unfolding as an overall structure.The projected level for wave e (green) to complete is the intraday support at the level of 122.19 or weekly pivot support at the level of 121.78. Please notice there is still one more wave to the upside missing.

Support/Resistance:

124.07 - WR1

123.20 - Intraday Resistance

122.50 - Weekly Pivot

122.19 - Intraday Support

121.78 - WS1

120.94 - WS2

Trading recommendations:

Due to the fact that there is still one more wave to the upside missing, only buy orders should be placed in this market. We recommend to set TP above the level of 124.08.

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