FX.co ★ Technical analysis of EUR/JPY for November 25, 2014

General overview for 25/11/2014 09:20 CET

The corrective cycle labeled as wave W brown looks completed and the market has bounced from the level of the higher time frame support. So far, the wave progression inside the corrective cycle might be considered completed but there is still a chance that it will be more complex and time-consuming as the current wave progression will change into WXY complex structure. Only a new high above the level of 149.14 would neglect the possibility of another wave to the downside in the ongoing corrective cycle.

Support/Resistance:

149.14 - Swing High

148.50 - Intraday Resistance

147.98 - WR1

147.38 - Intraday Resistance

146.38 - Weekly Pivot

145.67 - Technical Support

145.84 - Intraday Support

Trading recommendations:

The level of 146.75 had been violated and now SL should be placed below the intraday support at the level of 145.58 and TP level in longer term should aim for the level of 147.98 and 149.14.