FX.co ★ Technical analysis of EUR/JPY for December 22, 2016

General overview for 22/12/2016:

Bulls have managed to retrace over 61% of the downswing and it looks like the market is evolving to a more complex and time-consuming corrective pattern like the triangle. The next targets for wave c (purple) of the wave (d) (green) are at the levels of 123.20 or 123.60. Any breakout below the intraday support at the level of 122,79 will lead to the immediate test of the wave a low at the level of 122.20.

Support/Resistance:

124.43 - WR1

124.07 - Technical Resistance

123.20 - Intraday Resistance

123.01 - Weekly Pivot

122.79 - 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 122.79 is clearly violated. TP should be set at the level of 122.20.