FX.co ★ Technical analysis of EUR/JPY for December 3, 2014

General Overview for 03/12/2014 07:20 CET

The intraday resistance at the level of 148.15 has capped the upside rally twice so far and it looks like the price might now want to finally test the lower boundary of the intraday price range between the levels of 148.15 - 147.07. As there are some important fundamental news later this week, the market might stay in this "wait and see" mode for a little longer, making the corrective cycle longer and more time consuming. Nevertheless, the bias is still to the downside.

Support/Resistance:

149.11 - WR1 

148.15 - Intraday Resistance 

147.34 - Weekly Pivot 

147.04 - Intraday Support

146.65 - WS1

145.68 - Technical Support 

144.89 - WS2 

144.54 - 144.74 - Minimum Target Projection Level 

Trading recommendations: 

As advised yesterday, sell orders should had been opened, with SL above the level of 148.14 and TP at the level of 144.77.