General overview for 08/01/2015 10:30 CET
The market is trying to resume the uptrend but has been of no avail so far. The first intraday resistance at the level of 141.68 still puts a cap on any meaningful rebound and this level is the key level to succeed in an impulsive wave development. The price stays inside of the intraday trading range between the levels of 140.54 - 141.68 and only a breakout above/below any of the levels will give more clues about the further market movement. Please note that the bias is still bullish and the bullish divergence on momentum oscillator supports this view.
Support/Resistance:
140.54 - WS2
141.65 - Intraday Resistance
141.95 - WS1
143.18 - Intraday Resistance
144.10 - 144.42 - Gap Zone
144.58 - Weekly Pivot
145.57 - Technical Resistance
146.22 - WR1
Trading recommendations:
We still keep buy orders opened from a couple of days ago, with SL below the level of 140.54 and TP at the level of 144.42. The next good level to add to existing positions is at the level of 143.17.
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 8, 2015 . Thanks for your support.
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