Technical analysis of EUR/JPY for January 27, 2016 Market Analysis Review

General overview for 27/01/2016:

The situation in this pair is still not clear as the price keeps trading in a narrow range without any signs of trend continuation or reversal. The target for the wave -ii- blue had not been hit, but it looks like the running flat correction might be completed with a low at the level of 127.85. In that case, the next level to test would be the intraday resistance at the level of 129.08. Any failure to break out the level of 129.08 would mean the market will get back to the trading range.

Support/Resistance:

126.08 - Higher Time Frame Cycles Invalidation Level

126.95 - WS1

127.41 - Intraday Support

127.75 - Weekly Pivot

129.08 - Intraday Resistance

129.34 - WR1

130.13 - WR2

130.75 - 130.85 - Technical Resistance| Gap |

Trading recommendations:

Day traders should refrain from trading in this pair until the situation becomes more clear and better trading setup will occur.

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