Monday 12 January 2015

Technical analysis of EUR/JPY for January 12, 2015 Market Analysis Review

General overview for 12/01/2015 09:50 CET


The wave progression on the larger time frame looks completed after the price hit the 61% Fibonacci level and currently is trying to bounce to the upside in order to initiate a new impulsive wave progression. To do this, the market must break above the intraday resistance at the level of 140.55 and above the golden trend line. The final confirmation comes with the level of 141.64 violation in impulsive fashion and neutral range breakout. Please notice the bullish divergence (marked in orange arrows) on momentum oscillator supports the view.


Support/Resistance:


140.00 - Intraday Support|61%Fibo Support|


140.55 - Intraday Resistance


141.31 - Weekly Pivot


141.68 - Intraday Resistance


142.44 - WR1


Trading recommendations:


Swingtraders: sell orders should be closed as the support has been found and trends resumption might be underway.


Daytraders: buy stop orders should be placed from the level of 140.60 with SL below the level of 140.00 and TP at the level of 141.68.


eurjpy_h1.jpgeurjpy_h4.jpgThe material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for January 12, 2015 . Thanks for your support.

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