FX.co ★ Technical analysis of EUR/JPY for December 5, 2016

General overview for 05/12/2016:

A sharp decline towards the level of 118.71 was labeled as wave (iv) or a (green) and since then the market has been rallying in order to complete the last wave up. The projected target is at the level of 122.71 (weekly pivot resistance level 1), but it might extend higher towards the level of 124.00. When the impulsive structure is completed, a larger time frame correction is being expected.

Support/Resistance:

124.00 - WR2

122.71 - WR1

121.85 - Intraday Support

120.62 - Weekly Pivot

119.40 - WS1

118.71 - Technical Support

Trading recommendations:

All day traders with open buy orders should prepare to take the profits off the table at the level of 122.71 and wait for another trading setup to occur shortly.