Technical analysis of EUR/JPY for January 22, 2016 Market Analysis Review

General overview for 22/01/2016:

The higher time frame counts was updated, yet there are still two wave scenarios for this pair with the very important invalidation line at the level of 126.09. Any breakout below this level would immediately invalidate the main impulsive count and put an alternative count in play. As long as this level is not violated, the base scenario of one more wave to the upside to develop over the next few weeks is still possible (main count). A breakout lower, would mean wave three is in progress and a sell-off is highly possible in this market.

Support/Resistance:

126.37 - WS2

126.84 - WS1

126.78 - Technical Support

127.52 - Intraday Support

127.78 - Weekly Pivot

128.29 - WR1

129.07 - Intraday Resistance

129.25 - WR2

Trading recommendations:

Swing traders might consider placing buy orders from the current market levels with SL below the level of 126.08 and TP open for now.

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 22, 2016 . Thanks for your support.