Technical analysis of EUR/JPY for January 9, 2015 Market Analysis Review

General overview for 09/01/2015 10:10 CET

The market is trading inside of the intraday trading range between the levels of 140.54 - 141.63, possibly waiting for today's Non Farm Payrolls data to show the direction. The bias is bullish as the corrective wave progression in wave 2 red to the downside looks completed and the impulsive rebound can happen anytime now. First major intraday resistance is at the level of 141.63 and any breakout higher will directly expose the next resistance at the level of 143.17.

Support/Resistance:

140.54 - WS2

141.65 - Intraday Resistance

141.95 - WS1

143.18 - Intraday Resistance

144.10 - 144.42 - Gap Zone

144.58 - Weekly Pivot

145.57 - Technical Resistance

146.22 - WR1

Trading recommendations:

There is not much of the impulsive wave progression to the upside so far but the buy orders opened a couple a days ago should still be kept open as the market is awaiting the NFP news release. SL below the level of 140.54 and TP at the level of 144.42. The next good level to add to existing positions is at the level of 143.17

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



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