Technical analysis of EUR/JPY for December 14, 2016
December 14, 2016 11:01 am
General overview for 14/12/2016:
The sideways price action continues with top for the wave b (green) in place. Currently, the market is trading just below the gray supply zone and it looks like it awaits the Fed interest rate decision later in the day. It means the pair might still attack the recent high at the level of 123.34 any time now. Please notice, that this is wave four in progress, so the correction might evolve to a more complex and time-consuming pattern like a triangle. Sideways price action between the level of 123.34 and 120.89 is expected for now until the correction is completed.
Support/Resistance:
123.34 – Intraday Resistance
121.93 – Intraday Support
121.38 – Weekly Pivot
120.89 – Intraday Support
119.40 – WS1
118,71 – Technical Support
Trading recommendations:
Day traders should consider opening only sell orders with SL just above the level of 123.34. TP should be set at the bottom of the range.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 14/12/2016:
The sideways price action continues with top for the wave b (green) in place. Currently, the market is trading just below the gray supply zone and it looks like it awaits the Fed interest rate decision later in the day. It means the pair might still attack the recent high at the level of 123.34 any time now. Please notice, that this is wave four in progress, so the correction might evolve to a more complex and time-consuming pattern like a triangle. Sideways price action between the level of 123.34 and 120.89 is expected for now until the correction is completed.
Support/Resistance:
123.34 – Intraday Resistance
121.93 – Intraday Support
121.38 – Weekly Pivot
120.89 – Intraday Support
119.40 – WS1
118,71 – Technical Support
Trading recommendations:
Day traders should consider opening only sell orders with SL just above the level of 123.34. TP should be set at the bottom of the range.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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