FX.co ★ Technical analysis of EUR/JPY for December 19, 2014

General overview for 19/12/2014 09:00 CET

December poor liquidity conditions are present on market and the market is not moving at all. The overall wave development is still consolidating inside of the golden channel, and average daily range is still rather narrow for this pair. The price is still testing the larger time frame support at the level of 145.70; and no decision on the future price movement has been made yet. Nevertheless, the bias is still to the upside, as the wave structure is corrective and there is still a good chance, that the impulsive waves to the upside will unfold soon. 

Support/Resistance: 

144.46 - WS2 

144.96 - Intraday Support 

145.70 - Technical Support 

145.86 - WS1 

147.01 - Intraday Resistance 

147.82 - Weekly Pivot 

148.24 - Intraday Resistance 

Trading recommendations: 

The trading levels stay as it was said as yesterday: the key intraday resistance is at the level of 147.02 and traders should consider opening buy stop orders from this level, with TP at the level of 148.22 and tight (15-20 pips) SL. On the other hand, any breakout lower will create an opportunity to open sell stop orders from the level of 1.44.95 with tight SL (15-20 pips) and TP at the level of 144.46.