Technical analysis of EUR/JPY for November 23, 2015
November 23, 2015 11:00 am
General overview for 23/11/2015 11:05 CET
A three-wave downside movement might look completed as it is a valid wave development in wave Z of the wave B blue. Nevertheless, the proportions of the fibo rates between the wave (a) and wave (c) does not support this view. It looks like one more spike down is needed to complete a possible ending diagonal pattern in wave (c). Please notice, any breakout above the level of 132.22 will invalidate the ending diagonal scenario.
Support/Resistance:
130.64 – Intraday Support
131.07 – Intraday Resistance
131.14 – Weekly Pivot
131.58 – WR1
Trading recommendations:
Day traders should consider placing buy orders only if the level of 131.06 is clearly violated, with tight SL and TP set at the level of131.41.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 23/11/2015 11:05 CET
A three-wave downside movement might look completed as it is a valid wave development in wave Z of the wave B blue. Nevertheless, the proportions of the fibo rates between the wave (a) and wave (c) does not support this view. It looks like one more spike down is needed to complete a possible ending diagonal pattern in wave (c). Please notice, any breakout above the level of 132.22 will invalidate the ending diagonal scenario.
Support/Resistance:
130.64 – Intraday Support
131.07 – Intraday Resistance
131.14 – Weekly Pivot
131.58 – WR1
Trading recommendations:
Day traders should consider placing buy orders only if the level of 131.06 is clearly violated, with tight SL and TP set at the level of131.41.
The material has been provided by InstaForex Company – www.instaforex.com
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