FX.co ★ Technical analysis of EUR/JPY for December 31, 2013

General overview for 31/12/2013 10:15 CET

The corrective cycle in wave (iv) blue continues and currently looks like a triange formation is in progress. The most important level is strong support zone between the levels of 144.20-144.34. The breakout below exposes upper boundary of the GAP zone. Breakout above intraday resistance level at the 145.02 exposes recent high to the test.

Support/Resistance: 

146.43 - WR1 

145.68 - Swing High 

145.16 - Intraday Resistance 

144.34 - Intraday Support 

144.28 - Weekly Pivot 

144.20 - 61%Fibo 

143.53 - Technical Support

Trading recommendations:

As long as support zone between the levels of 144.20 -144.34 holds, long positions should be taken with SL below the level of 144.19 and TP at the level of 145.68 and 146.43.