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Market Analysis

Home » Featured » EURJPY Technical Analysis for November 17, 2015

EURJPY Technical Analysis for November 17, 2015

Posted by FXTimes in Featured - November 17th, 2015 8:10 am GMT

Chart setups:
The 4H chart view has been again presented here, with focus on the recent wave count developed in last 36 hours. The pair has opened gap down yesterday, taking stops out at 131.00 levels. But the recovery has been very sharp from 130.60 to 132.20 levels; short term charts suggest it could be an impulse (5 waves). If the recent count holds true, the pair should be well supported around 131.40/50 levels today and an extended rally through 133.20/30 levels remain highly probable. The immediate support is at 130.60 levels, while resistance is seen through 133.20/30 levels respectively. Prices should remain above 130.60 levels, if bulls want to stay in control. Furthermore, a bullish divergence is also seen on the RSI, with prices forming new lows lately and the oscillator holding above 30 levels.
Trading recommendations:
Long now, stop at 130.40, target 133.30.
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