FX.co ★ Technical analysis of EUR/JPY for November 14, 2016

General overview for 14/11/2016:

The top of the green wave b at the level of 116.58 is still acting as the intraday resistance and only a sustained break above this level can change the bearish bias. However, the market has bounced from a weekly pivot at the level of 115.45 and the price is trying to violate the golden intraday trend line. According to the bearish scenario, there is still one more wave to the downside missing - the green wave c - which is a part of the blue wave c.

Support/Resistance:

117.19 - WR1

116.58 - Intraday Resistance

115.45 - Weekly Pivot

114.37 - WS1

113.70 - Intraday Support

112.66 - WS2

Trading recommendations:

Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with SL just above the high of the green wave b and TP open for now.