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Technical analysis of EUR/JPY for December 7, 2015

General overview for 07/12/2015:

The clear five-wave impulsive structure to the upside developed just as anticipated after the ending diagonal in wave (c) of B blue had been finished. Currently, the market is developing the corrective structure to the downside and there are two targets for wave c of the corrective cycle: the first target is 61%FiboExp at the level of 133.47 and the second target is 100%FiboExp at the level of 133.06. Please notice the second target is in confluence with the weekly pivot level.

Support/Resistance:

134.60 - Intraday Resistance

133.47 - 61%FiboExp

133.30 - Intraday Support

133.06 - 100&FiboExp|Weekly Pivot|

131.56 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current market levels with tight SL and TP at the level of 133.06.

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