Technical analysis of EUR/JPY for December 16, 2014
December 16, 2014 9:00 am
General overview for 16/12/2014 09:10 CET
The corrective cycle in blue wave Y is getting more complex after the upward leg in blue wave (b) hasn’t been strong enough to break above the golden trend line. The market fell further after this event. Currently, the price is appoaching the important technical support at the level of 145.70. If the count is correct, then the wave -v- blue of blue wave (c) should be completed here, so the overall corrective cycle labeled as (a)(b)(c) blue will be in shape of the irregular flat brown wave Y. Nevertheless, without breaking above the level of intraday resistance at 146.24, the impulsive count to the upside can not be initiated. In that case, the market should look forward to test another support at the level of 144.46.
The key support here is at the level of 145.70, so traders should consider opening buy orders at this level with very reasonable stop loss (15-20 pips) and place the first TP order at the level of 146.42. Only a breakout above this level might be considered as intraday bullish.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 16/12/2014 09:10 CET
The corrective cycle in blue wave Y is getting more complex after the upward leg in blue wave (b) hasn’t been strong enough to break above the golden trend line. The market fell further after this event. Currently, the price is appoaching the important technical support at the level of 145.70. If the count is correct, then the wave -v- blue of blue wave (c) should be completed here, so the overall corrective cycle labeled as (a)(b)(c) blue will be in shape of the irregular flat brown wave Y. Nevertheless, without breaking above the level of intraday resistance at 146.24, the impulsive count to the upside can not be initiated. In that case, the market should look forward to test another support at the level of 144.46.
Support/Resistance:
144.46 – WS1
145.70 – Technical Support|Intraday Support|Key Level|
146.24 – Intraday Resistance
147.82 – Weekly Pivot
148.24 – Intraday Resistance
Trading recommendations:
The key support here is at the level of 145.70, so traders should consider opening buy orders at this level with very reasonable stop loss (15-20 pips) and place the first TP order at the level of 146.42. Only a breakout above this level might be considered as intraday bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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