Technical analysis of EUR/JPY for November 16, 2016

By | November 16, 2016

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General overview for 16/11/2016:

The blue wave (b) is getting extended to the upside. The pattern that is being developed in the wave (b) looks like a double zig-zag, which should terminate around the level of 117.49. According to the bearish scenario, there is still one more wave to the downside missing – the green wave c – which is a part of the blue wave c.The growing bearish divergence between the price and the momentum oscillator supports the view.

Support/Resistance:

117.49 – Intraday Resistance

117.19 – WR1

116.58 – Intraday Support

115.45 – Weekly Pivot

114.37 – WS1

112.66 – WS2

Trading recommendations:

Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with SL just above the WR1 level and TP open for now.

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

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