Technical analysis of EUR/JPY for December 29, 2015

General overview for 29/12/2015 12:40 CET

The wave b purple looks completed and now further downside development might occur. A breakout below the weekly pivot at the level of 131.96 will be the first confirmation that wave c in progress. Any breakout above the level of 133.76 will invalidate the idea of a complex corrective cycle, so this level is worth keeping an eye on.

Support/Resistance:

129.87 – WS3

130.68 – WS2

131.02 – Technical Support

131.14 – WS1

131.48 – Intraday Support

131.96 – Weekly Pivot

132.44 – WR1

132.77 – Intraday Resistance

133.26 – WR2

133.74 – WR3

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 132.77 and TP at the level of 131.48 and below.

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The material has been provided by InstaForex Company – www.instaforex.com

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