FX.co ★ EUR/JPY H1 analysis for December 17, 2013

General overview for 17/12/2013 09:30 CET

The anticipated Head and Shoulder formation has been developed now; however, the slight upside wave development might be possible to finish wave c green of wave ii correction.

The Key Level for intraday trading is 142.10 and if it gets broken, more upside is possible up to last high test.

The neckline for H&S is 140.90 support level and if broken, technical support at 140.00 will be tested.

Support/Resistance:

142.80 - 4 year's high

142.63 - WR1

142.10 - Intraday Resistance

141.77 - Weekly Pivot

141.45 - Intraday Support

141.21 - Intraday Support

140.90 - Technical Support

140.73 - WS1

Trading recommendations:

As long as 142.10 holds short side of the market should be in play with SL just above 142.11 level and TP at 141.21.