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Technical analysis of EUR/JPY for December 3, 2015

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

The current price action does not look too much impulsive as the market might be still waiting for the ECB news release today at 2:30 pm GMT. This is why the current wave development might still be a part of an bigger ending diagonal pattern and the bottom for wave (c) blue at the level of 129.65 might be violated. The most common scenario during the news release with a possible ending diagonal forming is a sudden spike down to new lows and then immediate reversal higher. Pleas bear in mind this possible price action during today's important ECB news release.

Support/Resistance:

129.33 - WS1

129.64 - Intraday Support

130.18 - Weekly Pivot

130.20 - Intraday Support

130.71 - WR1

131.04 - Intraday Resistance

131.57 - WR2

132.06 - WR3

Trading recommendations:

ay traders should refrain from trading and wait for a better trading setup to occur.

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