FX.co ★ Technical analysis of EUR/JPY for December 9, 2016

General overview for 09/12/2016:

The top for the wave (v) of (3) (blue) has been established at the level of 123.35 and now the market is in a corrective decline of a wave (4) (blue). The most important intraday level is the intraday resistance at the level of 121.93. This level should cap any rally attempts as there is an unfinished wave progression to the downside.The first target for wave (4) is technical support at the level of 118.71.

Support/Resistance:

124.00 - WR2

122.71 - WR1

121.93 - Intraday Resistance

120.89 - Intraday Support

120.62 - Weekly Pivot

119.40 - WS1

118.71 - Technical Support

Trading recommendations:

All buy orders should be closed with profit and the sell orders should be now opened as there is anuncompleted wave progression to the downside.