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Technical analysis of EUR/JPY for November 12, 2015

General overview for 12/11/2015 07:20 CET

The Elliott wave count has been re-labeled to incorporate the triangle wave (b) blue idea instead of previously anticipated irregular corrective cycle. The triangle pattern is now a new best fit to the current price action structure, however the market might still be evolving into more complete corrective structure. Any violation of the level of 133.20 invalidates the triangle idea.

Support/Resistnace:

131.47 - WS1

131.61 - Intraday Support

132.34 - Weekly Pivot

132.52 - Intraday Resistnace

133.20 - WR1

Trading recommendations:

If the triangle structure is correct, then all the buy orders should be closed and sell orders should be open with SL above the level of 132.56 and TP below the level of 131.47.

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