Technical analysis of EUR/JPY for December 16, 2016

General overview for 16/12/2016:

The top for the wave b (green) seems to be in place at the level of 124.07 and now the market should decline lower towards the weekly pivot at the level of 121.38. This scenario is confirmed when the golden trend line and intraday support at the level of 122.56 are both clearly violated.

Support/Resistance:

124.07 - Intraday Resistance

122.56 - Intraday Support

121.38 - Weekly Pivot

119.40 - WS1

118,71 - Technical Support

Trading recommendations:

The top for the wave b (green) might be soon in place, so day traders should consider opening only sell orders with SL just above the level of 124.07. TP should be set at the level of 122.91 and below.

The material has been provided by InstaForex Company - www.instaforex.com

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