General overview for 11/01/2016:
The wave b purple of the corrective cycle retraced 61% of the previous swing and then bounced upwards. Currently, the next wave is being expected - wave c purple. The projected target for this wave is now at the level of 129.98, which is just below the 130.00 round level resistance as well.
Support/Resistance:
127.53 - Intraday Support
128.31 - Weekly Pivot
129.08 - Intraday Resistance
129.98 - 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 127.53 and TP at the level of 129.98.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for January 11, 2016 . Thanks for your support.
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