Technical analysis of EUR/JPY for January 12, 2016 Market Analysis Review

General overview for 12/01/2016:

One more wave down has been made yesterday inside of the wave b purple subcycle. The count is still valid, but the target for the potential wave c purple has been lowered to the level of 129.61, just above the old wave -iv- top. Nevertheless, to confirm this scenario, the price must break out higher above the golden trend line in impulsive fashion.

Support/Resistance:

127.31 - Intraday Support

128.31 - Weekly Pivot

129.08 - Intraday Resistance

129.31 - Wave c Target Projection

131.01 - Technical Resistance

Trading recommendations:

Daytraders should open buy orders from current market levels witch SL just below the last intraday support at the level of 127.31 and TP at the level of 129.61

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

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