FX.co ★ Technical analysis of EUR/JPY for November 23, 2016

General overview for 23/11/2016:

The top of the wave Y (brown) of (b) (blue) has been moved to the level of 118.14 and the whole Elliott wave count has been updated. Currently, the market should start declining to the intraday support at the level of 117.48 because it hit the daily supply zone (marked as a gray rectangle). Nevertheless, to confirm this scenario the bears must push the price out of the blue channel and and it would break out below the intraday support .

Support/Resistance:

118.47 - WR1

118.41 - Intraday Resistance

117.47 - Intraday Support

116.99 - Weekly Pivot

116.49 - WS1

116.24 - Local Low

Trading recommendations:

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