Technical analysis of EUR/JPY for January 16, 2015 Market Analysis Review

General overview for 16/01/2015 09:10 CET

The market keeps falling further and currently is very close to invalidate the main count. Any violation of the level of 134.12 is a direct main count invalidation. It means, that the big impulsive cycle to the upside has been completed and now the market is in corrective cycle that looks like a zig-zag (or double zig-zag). Moreover, the corrective cycle has not been finished yet and more downside prices are expected then. Only a sustained breakout above the level of 137.01 would confirm a possible rebound of this market.

Support/Resistance:

134.12 - Key Level|Main Impulsive Count Invalidation Level|

134.32 - WS3

134.73 - Intraday Support

136.99 - Intraday Resistance

Trading Recommendations:

Daytraders should consider opening buy positions only if the level of 137.01 is clearly violated with SL below the level of 134.12 and open TP level for now.

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



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