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Technical analysis of EUR/JPY for December 2, 2015

General overview for 02/12/2015 12:10 CET

The intraday resistance at the level of 130.78 has been violated, but the hourly candle did not close above the level and the market is still trading inside the bearish zone. Nevertheless, the ending diagonal pattern looks completed, but the market is not strong enough yet to break out higher above the bearish zone.

Support/Resistance:

129.33 - WS1

129.64 - Intraday Support

130.18 - Weekly Pivot

130.20 - Intraday Support

130.71 - WR1

130.78 - Intraday Resistance

131.57 - WR2

132.06 - WR3

Trading recommendations:

The buy orders have been closed after recommended TP at the level of 130.78 was hit yesterday. Currently, the daytraders should refrain from trading and wait for a better trading setup to occur.

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