General overview for 29/01/2015 09:40 CET
The yesterday's intraday support levels have been identified correctly and they are still providing the support for the price. The downside breakout is the crucial move on this market right now as it can be a part of a larger wave (b) blue progression. Nevertheless, the market is still developing the corrective wave 4 black and only a breakout below the level of 130.14 would invalidate this view.
Support/Resistance:
130.14 - Swing Low
131.83 - Intraday Support
132.46 - Intraday Support
134.21 - Intraday Resistance
134.99 - WR1
Trading recommendations:
Not much has changed since yesterday: the market still trades below the level of 134.21. Choppy trading conditions are expected as the market might be making wave 4 black in a shape of triangle or any other corrective shape. Any breakout higher above the level of 134.21 is bullish and buy orders should be opened with SL below one of the intraday support levels.
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 29, 2015 . Thanks for your support.
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