FX.co ★ Technical analysis of EUR/JPY for December 19, 2016

General overview for 19/12/2016:

The top for the wave b (green) seems to be in place, so now it is time for a further decline below the intraday support at the level of 122.56. If the corrective cycle is going to unfold as a simple abc correction, this should be the last wave of the corrective progression to the downside. Otherwise, the corrective cycle might get more complex and time-consuming and evolve into a pattern like a triangle.

Support/Resistance:

124.43 - WR1

124.07 - Intraday Resistance

123.01 - Weekly Pivot

122.56 - Intraday Support

121.93 - WS1

120.52 - WS2

Trading recommendations:

Daytraders should consider opening sell orders only if the intraday support at the level of 122.56 is clearly violated. TP should be set at the level of 121.93.