FX.co ★ Technical analysis of EUR/JPY for December 5, 2017

General overview for 05/01/2017:

The corrective cycle has made another marginal lower low, which means the cycle is getting more complex and time-consuming. Nevertheless, the low is still way above the impulsive wave invalidation line at the level of 121.59. The whole structure between the levels of 123.85 and 122.25 looks like a double three corrective pattern as it is full of whipsaws and false breakouts in both directions. The most important level is the weekly pivot at the level of 122.93 and intraday support at the level of 122.25. The bias remains bullish as there are unfinished waves to the upside.

Support/Resistance:

124.28 - WR1

123.85 - Intraday Resistance

122.92 - Weekly Pivot

122.16 - Intraday Support

122.04 - WS1

Trading recommendations:

Day traders should still consider buying the dips in this market as the upward wave progression is uncompleted.