FX.co ★ Technical analysis of EUR/JPY for December 22, 2014

General overview for 22/12/2014 12:10 CET

There are some first indications that the current wave development is trying to break out to the upside, but first the important resistance at the level of 147.02 must be violated in a clear, impulsive fashion. If it happens, the price will enter the area, where it can try to break even higher above the neutral range. To do this, the upper zone boundary at the level of 148.23 must be violated. A lack of this kind of price action will result in another range zone congestion and a possible breakout lower through the golden trend line to the level of 144.98.

Support/Resistance:

149.77 - Swing High

149.63 - WR2

148.23 - Bullish Zone Level

147.74 - WR1

147.02 - Intraday Resistance

146.34 - Weekly Pivot

145.70 - Technical Support

144.98 - Intraday Support

Trading recommendations:

The impulsive wave progression might just have started and as long as the golden trend line is not broken, the traders should consider opening buy orders only. SL orders should be placed below the 146.34 level and TP orders should be placed at the level of 148.23.