FX.co ★ Technical analysis of EUR/JPY for December 27, 2016

General overview for 27/12/2016:

The corrective cycle in wave (4) (blue) continues as the last internal sub-wave unfolds. The projected level for wave e (green) to complete is the intraday support at the level of 122.19 or weekly pivot support at the level of 121.78. Please notice there is still one more wave to the upside missing.

Support/Resistance:

124.07 - WR1

123.20 - Intraday Resistance

122.50 - Weekly Pivot

122.19 - Intraday Support

121.78 - WS1

120.94 - WS2

Trading recommendations:

Due to the fact that there is still one more wave to the upside missing, only buy orders should be placed in this market. TP should be set above the level of 124.08.