Technical analysis of EUR/JPY for January 2, 2015 Market Analysis Review

General overview for 02/01/2015 11:30 CET

The first stages of a corrective cycle in wave (b) blue are in progress. The first important level is intraday resistance at the level of 145.56 because any violation of this level might lead to further gains in this pair. If it happens, then the next most important level will be the key level acting as an intraday resistance again at the level of 146.39. Only a breakout above this level might be considered as a trend changer and further gains towards the level of 148.23 might be seen as the impulsive wave structure unfolds.

Support/Resistance:

149.76 - Technical Resistance|Swing High|

148.35 - WR3

148.23 - Technical Resistance

147.74 - WR2

147.17 - WR1

146.54 - Weekly Pivot

146.39 - Intraday Resistance|Key Level|

145.92 - WS1

145.70 - Technical Support

145.39 - WS2

144.75- Intraday Support|Swing Low|

144.82 - WS3

Trading recommendations:

Daytraders should consider opening buy stop orders from the level of 145.60 with SL below the level of 144.75 and TP at the level of 146.39.

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



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