FX.co ★ Technical analysis of EUR/JPY for November 17, 2016

General overview for 17/11/2016:

The first wave to the downside has been formed and now the market is developing an internal corrective cycle, possibly wave -ii-. The intraday resistance at the level of 117.49 should act as an invalidation level for the count, so any violation of this level will invalidate the current bearish scenario. Nevertheless, at least one more wave to the downside is still being anticipated in order to complete the cycle.

Support/Resistance:

117.49 - Intraday Resistance

117.19 - WR1

116.24 - Intraday Support

115.45 - Weekly Pivot

114.37 - WS1

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 level of 117.49 and TP open for now.