FX.co ★ Technical analysis of EUR/JPY for December 29, 2016

General overview for 29/12/2016:

Another low has been made in this market as the triangle pattern is unfolding in the overall structure. The projected level for wave e (green) has been hit and now the triangle pattern might be completed. In order to confirm this scenario, bulls will have to break above the intraday resistance at the level of 122.18 and head towards the weekly pivot at the level of 122.50. 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:

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