Technical analysis of EUR/JPY for January 28, 2016 Market Analysis Review

General overview for 28/01/2016:

The pair has finally broken out of a range zone right into the bullish territory. Moreover, the current wave progression to the upside does not look completed as there is still one more wave missing. A target is seen at the level of 130.13, but it might get extended to the level of 130.37 before any meaningful reversal occurs.

Support/Resistance:

126.08 - Higher Time Frame Cycles Invalidation Level

126.95 - WS1

127.75 - Weekly Pivot

128.71 - Intraday Support

129.34 - WR1

129.47 - Intraday Resistance

130.13 - WR2

130.75 - 130.85 - Technical Resistance| Gap |

Trading recommendations:

Day traders should consider buying on dips in this market with SL below the level of 128.71 and TP at the level of 130.13.

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

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