Technical analysis of EUR/JPY for January 29, 2016 Market Analysis Review

General overview for 29/01/2016:

As anticipated yesterday, the up trend has resumed in a very impulsive fashion. The market has broken above the technical resistance at the level of 130.85, reaching a local high at the level of 132.27. From the Elliott Wave point of view the current upward move might be completed as there are five impulsive wave seen in the hourly chart. Nevertheless, an alternative count suggests even more impulsive wave progression to the upside as long as the level of 130.22 is not violated.

Support/Resistance:

132.27 - Local High|Intraday Resistance|

131.73 - WR3

130.22 - Intraday Support

130.13 - WR2

Trading recommendations:

Yesterday's TP level has been hit and all trades should be closed in profit. Currently, day traders should refrain from trading and wait for another trading setup to occur.

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