FX.co ★ Technical analysis of EUR/JPY for December 23, 2016

General overview for 23/12/2016:

The top for the wave d (green) might be in place and now the market is trying to develop the wave e (green) of a triangle pattern. Break 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 Resistance

121.93 - WS1

120.52 - WS2

Trading recommendations:

Daytraders should consider opening sell positions only if the intraday support at the level of 122.79 is clearly violated. TP should be set at the level of 122.20.