Technical analysis of EUR/JPY for January 19, 2016 Market Analysis Review

General overview for 19/01/2016:

The market is still trading inside the range zone and it dose not look impulsively bullish now. This cycle might get even more complex and time-consuming as it develops into more complex corrective structure. An upside breakout is still expected, but any new local low below the level of 126.78 would immediately invalidate this view increasing the odds for more downside pressure.

Support/Resistance:

126.37 - WS2

126.84 - WS1

126.78 - Technical Support

127.29 - Intraday Support

127.78 - Weekly Pivot

128.29 - WR1

129.07 - Intraday Resistance

129.25 - WR2

129.61 - Wave c Target Projection

Trading recommendations:

Day traders should consider placing buy orders from current market levels with SL below the level of 127.29 and TP at the level of 129.61.

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

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