FX.co ★ Technical analysis of EUR/JPY for November 30, 2016

General overview for 30/11/2016:

The market has bounced from the golden trend line and this bounce has been labeled as wave -ii-. This means the market is now developing wave -iii- of the last wave (v). The first projected target for this wave is at the level of 121.16, but it might extend higher. No signs of any kind of a trend reversal yet.

Support/Resistance:

121.16 - WR1

120.16 - Intraday Support

119.23 - Weekly Pivot

118.49 - Intraday Support

118.32 - WS1

116.37 - WS2

Trading recommendations:

All the buy orders opened around the level of 118.50 should be now kept open as there is incomplete wave progression to the upside. The first projected TP for this trade is at the level of 121.16.