Technical analysis of EUR/JPY for November 21, 2016

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General overview for 21/11/2016:

The old top for the wave (b) (blue) has been violated and this is why the new labeling has been made. Currently, the wave c (green) has reached almost 100% expansion of the wave a (green) and this might be the reason why the top for the wave Y (brown) of the (b) (blue) is in place. The bears must break out below the intraday support and head lower towards the weekly pivot at the level of 116.99 in order to confirm this scenario.

Support/Resistance:

118.47 – WR1

118.41 – Intraday Resistance

117.47 – Intraday Support

116.99 – Weekly Pivot

116.49 – WS1

116.24 – Local Low

Trading recommendations:

The corrective upward wave progression is about to be completed or it has completed already, so this is why the daytraders should consider opening only sell orders with tight SL 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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