Technical analysis of EUR/JPY for November 23, 2016 888011000 110888

General overview for 23/11/2016:

The top of the wave Y (brown) of (b) (blue) has been moved to the level of 118.14 and the entire Elliott wave count has actually been upgraded. Presently, the market should begin decreasing to the intraday assistance at the level of 117.48 because it struck the everyday supply zone (significant as a gray rectangle). To validate this circumstance the bears must push the rate out of the blue channel and it would break out below the intraday support.Support/ Resistance:118.47 – WR1

118.41 – Intraday Resistance

117.47 – Intraday Support

116.99 – Weekly Pivot

116.49 – WS1

116.24 – Regional Low

Trading recommendations:

The corrective upward wave progression will be finished or it has actually currently completed, so this is why daytraders ought to think about opening only offer orders with tight SL and TP open for now.

analytics58357cecdc4c2.jpg

The material has actually been provided by InstaForex Business – www.instaforex.com

By | November 23, 2016

General summary for 23/11/2016: The top of the wave Y(brown)of (b)(blue)has been relocated to the level of 118.14 and the entire Elliott wave count has actually been upgraded. Presently, the marketplace should begin declining to the intraday assistance at the level of 117.48 because it struck the daily supply zone (marked as a gray rectangular shape). Nonetheless, to confirm this situation the bears should press the rate out of the blue channel and it would break out below the intraday support.Support/ Resistance:118.47 – WR1

118.41 – Intraday Resistance

117.47 – Intraday Support

116.99 – Weekly Pivot

116.49 – WS1

116.24 – Regional Low

Trading recommendations:

The corrective upward wave development is about to be completed or it has already finished, so this is why daytraders must consider opening just sell orders with tight SL and TP open for now.

analytics58357cecdc4c2.jpg

The material has been supplied by InstaForex Company –
www.instaforex.com

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