Technical analysis of EUR/JPY for January 27, 2015 Market Analysis Review

General overview for 27/01/2015 08:30 CET

The most important level that, if broken, could ignite the bullish wave progression to the upside has not been violated yet. This level is the intraday resistance at the level of 134.19. It looks like the market has made five waves to the upside and now it will try to test the intraday resistance at the level of 131.83. If this support is broken, then the next support is at the local swing low at the level of 130.14. Please notice, that the market is still trading inside the bearish zone and the corrective wave 4 black might still be in progress.

Support/Resistance:

128.22 - WS1

130.14 - Swing low

131.83 - Intraday Support

132.95 - Weekly Pivot

134.19 - Intraday Resistance

134.95 - WR1

137.63 - Technical Resistance

Trading recommendations:

Below the level of 134.19 choppy trading conditions are expected as the market might be making wave 4 black in shape of a triangle or any other corrective shape. This is why daytraders should consider opening only sell orders with SL just above this level, using any scalping strategy to gain 20-30 pips.

The 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 27, 2015 . Thanks for your support.