General overview for 07/01/2016:
An impulsive wave progression in the last wave c looks completed and now an impulsive breakout higher above the level of 128.20 is needed to confirm that the bottom might be in place. Please notice that the bullish divergence between the price and momentum oscillator supports the view.
Support/ Resistance :
127.02 - Intraday Support
127.98 - WR3
128.67 - Intraday Resistance
129.31- WS2
Trading recommendations:
Daytraders should watch this pair closely and consider buying on the dips in this market with tight SL as the downside trend might reverse any time soon.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for January 7, 2016 . Thanks for your support.
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