FX.co ★ Technical analysis of EUR/JPY for November 23, 2015

General overview for 23/11/2015 11:05 CET

A three-wave downside movement might look completed as it is a valid wave development in wave Z of the wave B blue. Nevertheless, the proportions of the fibo rates between the wave (a) and wave (c) does not support this view. It looks like one more spike down is needed to complete a possible ending diagonal pattern in wave (c). Please notice, any breakout above the level of 132.22 will invalidate the ending diagonal scenario.

Support/Resistance:

130.64 - Intraday Support

131.07 - Intraday Resistance

131.14 - Weekly Pivot

131.58 - WR1

Trading recommendations:

Day traders should consider placing buy orders only if the level of 131.06 is clearly violated, with tight SL and TP set at the level of131.41.