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Home » Featured » EURJPY Technical Analysis for December 1st, 2015

EURJPY Technical Analysis for December 1st, 2015

Posted by FXTimes in Featured - December 1st, 2015 4:27 am GMT

Chart setups:
The daily chart view has been again presented here for reviewing the bigger wave structure. The pair still indicates that it could be a AB rally and a C retracement done through 129.50/60 levels recently. The pair might just be on its way for at least a counter trend rally now, towards 132.00/133.00 levels subsequently. A bullish morning star candlestick pattern is just underway to confirm the above wave count. Immediate support is seen through 129.30 levels while resistance is seen at 132.20/30 levels respectively. With the RSI also seen to be around 30 levels, the bullish stance remains supported. Please note that a break above 136.00/137.00 levels would be extremely encouraging to the bullish setup and open doors for a rally that extends above 141.00 levels in the future.
Trading recommendations:
Long now, stop at 129.00, target is open. (Aggressive).

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