Technical analysis of EUR/JPY for December 30, 2016

General overview for 30/12/2016:

The bottom for the blue wave (4) has been established at the level of 121.55 and now the market is trying to develop the last wave to the upside. The most important level is now the intraday resistance at 123.84 and technical resistance at 124.10. This is where the projected top for the blue wave (5) is located, but the market might extend higher towards the level of 125.00.

Support/Resistance:

124.10 - Technical Resistnace

124.07 - WR1

123.84 - Intraday Resistance

122.50 - Weekly Pivot

122.19 - Intraday Support

121.78 - WS1

120.94 - WS2

Trading recommendations:

As there is still one more wave to the upside missing, only buy orders should be placed in this market. We recommend to set TP above the level of 124.08.

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

From www.instaforex.com http://ift.tt/2ioOuj0