04.12.201411:03 Forex Analysis & Reviews: Technical analysis of EUR/JPY for December 4, 2014

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General Overview for 04/12/2014 09:50 CET

The count has been flipped around as the main count now is indicating more impulsive wave developing to the upward direction (waves (i)-(ii), I-II), and alternative count is still pointing out a more complex and time-consuming corrective WXY brown (alt.2 red) cycle targeting the level of 1.4478 - 144.54. The change was made due to an inability of the price to break out the golden corrective channel to the downside. The bullish, neutral and bearish zones have been added as well and the most important thing about the bullish zone is that it starts just above the intraday resistance at the level of 148.17, making this a key level for bulls. On the other hand, the key level for bears would be intraday support at the level of 140.02 and breakout lower would directly expose the technical support at the level of 145.70 and below.

Support/Resistance:

149.76 - WR2

149.15 - Swing High

149.11 - WR1

148.77 - Intraday Resistance|Key Level|

147.34 - Weekly Pivot

147.02 - Intraday Support|Key Level|

146.55 - WS1

145.70 - Higher Time Frame Technical Support

144.89 - WS2

144.54 - 144.78 - Target Projection For Wave Y Brown

Trading recommendations:

There is no follow through from the sell orders opened yesterday, so they need to be closed with a small profit or on break even. Next orders would be only a buy/sell stop orders placed at the level of 148.20 (buy stop, TP 149.11) and 146.99 (sell stop, TP 145.70), with tight SL (10-15pips).

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