Technical analysis of EUR/JPY for November 16, 2016

By | November 16, 2016

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.


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.


The material has been provided by InstaForex Company –
Source: Instaforex

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