Technical analysis of EUR/JPY for December 31, 2015

General overview for 31/12/2015 09:00 CET

The market is consolidating in a narrow range around the intraday support at the level of 131.34. Further downside wave progression is expected as an impulsive cycle has not been completed yet. A projected target for wave c purple is at the level of 130.68.

Support/Resistance:

129.87 – WS3

130.68 – WS2

131.02 – Technical Support

131.14 – WS1

131.34 – Intraday Support

131.96 – Weekly Pivot

132.44 – WR1

132.77 – Intraday Resistance

133.26 – WR2

133.74 – WR3

Trading recommendations:

Day traders should keep sell orders open with SL above 131.96 and TP at the level of 130.68 and below.

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

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