Technical analysis of EUR/JPY for January 30, 2015 Market Analysis Review

General overview for 30/01/2015 12:30 CET

The wave progression inside the sub-wave (b) blue has a corrective shape and the market is trading inside the intraday range zone between the levels of 132.48 - 134.21. The intraday resistance has been tested twice already and now it will act as a strong resistance level, so any potential breakout above the level will be severe. Please notice that there is missing wave (c) blue to the upside, so now if the level of 134.21 is violated, the wave (c) blue should be impassive rally towards the level of 137.63.

Support/Resistance:

137.63 - Technical Resistance

134.99 - WR1

134.21 - Intraday Resistance| Key Level|

132.95 - Weekly Pivot

132.48 - Intraday Support

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 30, 2015 . Thanks for your support.