FX.co ★ Technical analysis of EUR/JPY for December 5, 2014

General overview for 05/12/2014 08:10 CET

The impulsive wave progression continues to the upside with another impulsive wave made yesterday. The top of this wave has hit the upper golden channel boundary at the level of 148.92 and reversed sharply to test the intraday support at the level of 148.17 and bounce. To confirm the intraday bullish bias, the market must break out above the swing high at the level of 149.15 and target the level of 149.76. Otherwise, the wave progression might evolve into an alternative count, that is still indicating rather complex and time-consuming wave X brown possibility before the sell-off.

Support/Resistance:

149.76 - WR2

149.15 - Swing High|Intraday Resistance|

149.11- WR1

148.17 - Intraday Support

147.34 - Weekly Pivot

147.02 - Intraday Support

146.55 - WS1

145.70 - Higher Time Frame Technical Support

144.89 - WS2

144.54 - 144.78 - Target Projection For Wave Y Brown

Trading recommendations:

Yesterday's buy stop orders from the level of 148.17 should be still kept opened and SL should be moved to the break even level. The target is still at the level of 149.11.