FX.co ★ Technical analysis of EUR/JPY for November 15, 2016

General overview for 15/11/2016:

The market has bounced from a weekly pivot at the level of 115.45 and the price violated the golden intraday trend line. This is why the Elliott wave count has been updated and now the blue wave b is getting extended to the upside. The pattern that is being developed in the wave (b) looks like a double zig-zag, which should terminate around the level of 117.19. 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 Support

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 WR1 level and TP open for now.