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Technical analysis of EUR/JPY for November 11, 2015

General overview for 11/11/2015 10:20 CET

The first attempt to break above the the golden channel line has failed, but there is still a possibility of a further rally upward. Currently, the market is trying to break above the weekly pivot level. The first target for wave (b) is seen at the level of 133.55, but it might goes higher into the demand breakthrough zone and be capped then.

Support/Resistance:

131.61 - Intraday Support

131.47 - WS1

132.40 - Intraday Resistance

123.34 - Weekly Pivot

133.20 - WR1

Trading recommendations:

Day traders should consider placing buy orders at current levels with SL below the level of 131.46 and TP at the level of 133.55.

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