Technical analysis of EUR/JPY for January 19, 2015 Market Analysis Review

General overview for 19/01/2015 10:40 CET

Despite possible downside wave development completion, the market still trades inside the bearish zone, below the weekly pivot at the level of 136.80 and below the intraday resistance at the level of 137.02. These two levels must be broken to start an upward move, but the confirmation will come with the level of 138.90 violation. Otherwise, there is still a chance the market will fall lower, below the 134.74 intraday support level.

Support/Resistance:

134.74 - Intraday Support

136.80 - Weekly Pivot

137.02 - Intraday Resistance

138.90 - WR1

Trading recommendations:

Daytraders and swingtraders should consider opening buy orders if the level of 137.02 is broken, with SL below the level of 134.72 and TP at the level of 138.90 with a possible upside extension.

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



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