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Technical analysis of EUR/JPY for November 10, 2016

General overview for 11/11/2016:

The market is still trading inside the range of wave 1, so the beginning of this wave will now become an invalidation level for the impulsive count. In this impulsive scenario, the level of 116.00 cannot be violated first and the price should fall towards the intraday support at the level of 113.70 in the impulsive fashion. The low of the wave (a) at the level of 112.59 should be violated next.

Support/Resistance:

116.00 Intraday Resistance

115.77 - WR1

114.89 - Weekly Pivot

114.12 - WS1

113.70 - Intraday Support

113.22 - WS2

Trading recommendations:

The impulsive structure in wave (b) is now completed, so now the wave (c) to the downside should be developed. Day traders should consider opening only sell orders with SL just above the recent local high at the level of 116.05.

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The material has been provided by InstaForex Company - www.instaforex.com