FX.co ★ Technical analysis of EUR/JPY for December 8, 2014

General overview for 08/12/2014 08:40 CET

As anticipated the whole last week, the market has made another high and the current wave developing looks impulsive. The key level for this count to remain on the upside track is at the level of 148.08, because any violation of this level will invalidate the bullish impulsive outlook. As long as this level is providing support, bullish wave progression should occur, targeting first the level of 151.00 and then 151.70.

Support/Resistance:

151.70 - WR2

151.00 - WR1

149.77 - Intraday Resistance

149.00 - Weekly Pivot

148.92 - Intraday Support

148.50 - Intraday Support

148.32 - WS1

148.08 - Intraday Support|Key Level|

Trading recommendations:

The day traders should consider opening buy orders at the current market levels with SL below the level of 148.91 ant TP at the level of 149.77 and beyond.