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.


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.


The material has been provided by InstaForex Company –