FX.co ★ Technical analysis of EUR/JPY for December 12, 2016

General overview for 12/12/2016:

The top for the wave (3) (blue) has been established at the level of 123.34 and now the market is in corrective cycle wave (4) (blue). The first wave of this correction was completed with the low at the level of 120.89, but it looks like the correction might evolve to a more complex and time-consuming pattern like a triangle. Sideways price action between the level of 123.34 and 120.89 is expected for now until the correction is completed.

Support/Resistance:

123.34 - Intraday Resistance

121.93 - Intraday Support

121.38 - Weekly Pivot

120.89 - Intraday Support

119.40 - WS1

118,71 - Technical Support

Trading recommendations:

Day traders should consider opening only sell orders with SL just above the level of 123.34. TP Should be set at the bottom of the range.