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Technical analysis of EUR/JPY for December 6, 2016

General overview for 06/12/2016:

The top for the wave -iii- might be in place at the level of 123.17 and the bottom for the wave -iv- might be in place as well at the level of 121.95. Since then the market has been rallying in order to complete the last wave up. The projected target for wave (v) (green) is at the level 124.00. When the impulsive structure is completed, a larger time frame correction is being expected.

Support/Resistance:

124.00 - WR2

123.17 - Intraday Resistnace

122.71 - WR1

121.85 - Intraday Support

120.62 - Weekly Pivot

119.40 - WS1

118.71 - Technical Support

Trading recommendations:

All day traders with open buy orders should prepare to take profits off the table at the current levels (or wait for the level of 124.00 to be hit) and wait for another trading setup to occur shortly.

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