FX.co ★ Technical analysis of EUR/JPY for November 22, 2016

General overview for 22/11/2016:

There is no immediate impulsive reaction to the downside so far, but the top for the wave b (green) has been established at the level of 1.3566. Now the market is declining towards the intraday support at the level of 1.3398. This is why the intraday support is the key level for daytraders as any breakout below it will confirm the wave c (green ) is in progress. The projected target zone for the wave c (green) is the demand zone between the levels of 1.3290 - 1.3312.

Support/Resistance:

1.3596 - WR1

1.3566 - Intraday Resistance

1.3497 - Weekly Pivot

1.3419 - WS1

1.3398 - Intraday Support

1.3308 - WS2

Trading recommendations:

The corrective upward wave progression is about to be completed, so this is why the daytraders should consider opening only sell orders with tight SL and TP open for now.