Technical analysis of EUR/JPY for November 25, 2016

General overview for 25/11/2016:

The projected target level for wave (iii) has been hit and now the market should start to develop the internal corrective cycle labeled as the wave (iv). The projected target for this wave is at the level of 118.47 and the most common pattern of this correction is a triangle. When the correction is completed, one more higher high is anticipated in this market.

Support/Resistance:

120.14 – Intraday Resistance

119.93 – 161% Fibonacci Extension

119.00 – Intraday Support

118.97 – WR2

118.47 – WR1

116.99 – Weekly Pivot

116.49 – WS1

116.24 – Local Low

Trading recommendations:

Day traders should consider opening only buy orders on the dips with tight SL and TP open for now.

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

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