Technical analysis of EUR/JPY for Febuary 4, 2016 Market Analysis Review

General overview for 04/02/2016:

As anticipated yesterday, the corrective cycle looks completed and an impulsive wave progression to the upside might have started now. There is one more resistance for bulls to overcome, the golden trend-line dynamic resistance around the level of 131.63. If this line is clearly violated, then the next target for bulls will be the recent swing height at the level of 132.32. Please notice that this scenario will be invalidated if the price reverses below the wave 2 lows at the level of 130.00.

Support/Resistance:

133.69 - WR1

132.27 - Local High|Technical Resistance|

131.29 - Intraday Resistance

130.76 - Weekly Pivot

130.22 - Intraday Support

129.18 - WS1

Trading recommendations:

So far, the market confirms our bullish bias and buy orders from yesterday should be kept open. SL should be moved just below the level of 130.00 and TP is still open now. The bullish trend might have just started, so it will be more profitable to keep buy orders open for some longer time.

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