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Monday, 7 December 2015

USD/JPY H4 Analysis










General overview for 07/12/2015:

The impulsive wave progression in last wave C is not completed yet as there is one more wave
 to the upside needed. The bullish and bearish levels are clearly defined and an upside breakout
is anticipated. When the impulsive structure is completed, then another cycle down will start
as a part of the wave Y brown. Please notice that any violation of the level of 121.46 BEFORE
 any new local high is made means the impulsive wave progression to the upside is invalidated.

Support/Resistance:
125.80 - Swing High
125.29 - WR3
124.49 - WR2
122.91 - WR1
123.78 - Bullish Zone
123.10 - Weekly Pivot
122.51 - WS1
121.72 - WS2
122.68 - Technical Support
121.46 - Invalidation Level
121.15 - WS3

Trading recommendations:
Traders should consider to open buy orders when the trade is confirmed ( breakout above
the level of 123.78) OR should be buying the dips in the yellow range with SL below the level
of 122.22.

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