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27.01.2014 10:17 AM
Technical analysis of EUR/JPY for January 27, 2014

General overview for 27/01/2014 07:50 CET

The last five waves to the downside has been finally made and the complex and time consuming correction in wave 4 purple has been finished at the level of 139.11. Currently the market is bouncing up from this level and it is about to break out higher above the technical resistance area between the levels of 140.30 - 140.48. If this will happen, then the next area of resistance is between the levels of 141.01 - 141.14.

Support/Resistance:

141.24 - WR1

141.01 - 141.14 - Demand Breakthrough Zone

140.30 - 140.48 - Technical Resistance

140.16 - Weekly Pivot

139.74 - Intraday Support

139.11 - Swing Low


Trading recommendations:

As long as the weekly pivot at the level of 140.16 will provide the support, dips should be bought and long positions should be opened with SL below the level of 140.15 and TP at the level of 141.00.

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