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Market Analysis

Home » Featured » EURJPY Technical Analysis for December 22, 2015

EURJPY Technical Analysis for December 22, 2015

Posted by FXTimes in Featured - December 22nd, 2015 6:54 am GMT

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Chart setups:
The daily chart setup here indicated that EURJPY might have made an important low around 131.00 levels lately. The pair is seen to be trading around 132.20 levels after bouncing back, and looking to continue rallying through the 137.00 levels at least. The wave structure reveals that EURJPY should remain in control of bulls till prices stay above 129.50 levels, the December 03, 2015 lows. The rally from 129.50 looked to be an impulse, followed by a corrective drop towards 131.00 levels. If this wave structure holds, the next big leg should be on the north side, taking out 137.00 and higher levels. Immediate support is seen at 131.00 (interim), followed by 129.00, while resistance is seen at 134.50 levels (interim), followed by 137.50 and higher respectively.
Trading recommendations:
Long now, stop at 129.00, target is open.
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