news 6000 » Technical analysis of EUR/JPY for December 4, 2015

Technical analysis of EUR/JPY for December 4, 2015

General overview for 04/12/2015 08:50 CET

The ending diagonal pattern in wave (c) blue had been completed. The price exploded to the upside following the news release. The target for big cycle wave C is above the top of the wave A, but first the market must break out above the descending golden channel trend line around the level of 136.00.

Support/Resistance:

129.33 – WS1

130.18 – Weekly Pivot

130.71 – WR1

131.57 – WR2

132.06 – WR3

134.48 – Intraday Resistance

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur, because current risk to reward ratio is too large for any trade. Patience is needed.

eurjpy_h1.jpg

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


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