Technical analysis of EUR/JPY for Febuary 3, 2016 Market Analysis Review

General overview for 03/02/2016:

A three-wave corrective cycle to the downside looks now completed and further gains are anticipated. A breakout above the intraday resistance level of 130.81 will be the first confirmation of impulsive wave developing. A new high above the level of 132.23 will be the first target for bulls.

Support/Resistance:

133.69 - WR1

132.27 - Local High|Technical Resistance|

130.81 - Intraday Resistance

130.76 - Weekly Pivot

130.22 - Intraday Support

129.18 - WS1

Trading recommendations:

An uptrend might be resumed now, so day traders should consider placing buy orders from the current market levels with SL below the level of 130.21 and TP open for now.

The material has been provided by InstaForex Company - www.instaforex.com

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