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Market Analysis

Home » Featured » EURJPY Technical Analysis for November 27

EURJPY Technical Analysis for November 27

Posted by FXTimes in Featured - November 27th, 2015 5:49 am GMT

2
Chart setups:
The daily chart view has been presented here to review a bigger wave structure probability. The EUR/JPY has been trading around the 130.00 mark since a few sessions now. Please also note that prices are just above its fibonacci 0.786 support of the rally between 126.00 and 140.00 levels respectively. Furthermore, probability still remains that the entire wave structure could be unfolding as AB rally, retracement towards C and an extension D might follow, which could exceed 140.00 levels as well. Immediate support is seen at 129.30 levels, followed by 127.80 and lower while resistance is seen at 132.20/30, followed by 133.20 and higher respectively. For the above count to be considered, we need to see a break above at least 132.30 levels now. The RSI is also holding 30 levels, which is supportive of the bullish count/probability.
Trading recommendations:
Watch out for a break above 132.20 and then buy on dips.

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