FX.co ★ Technical analysis of EUR/JPY for November 27, 2014

General overview for 27/11/2014 09:50 CET

The wave progression starts to look like a completed triangle pattern inside of a wave (ii) or b green and if there is no downside breakout below the level of 146.28 , then the market should rally impulsively to the upside, targeting the level of 147.38 and then 148.42. On the other hand, if the key level so broken, then the market might continue lower with the corrective cycle WXY brown, targeting the level of 145.59 first and then the level of 143.68 next.

Support/Resistance:

149.14 - Swing High 

148.50 - Intraday Resistance

147.98 - WR1 

147.38 - Intraday Resistance 

146.28 - Intraday Support 

146.38 - Weekly Pivot 

145.67 - Technical Support 

145.84 - Intraday Support

Trading recommendations: 

The SL for the opened buy trade recommended at the beginning of the week should be placed below the intraday support at the level of 146.28 and TP level in longer term should aim for the level of 147.98 and 149.14. Breakout below the level of 146.28 invalidates any other buy trade possibility.