empty
 
 
05.01.2016 08:21 AM
Technical analysis of EUR/JPY for January 5, 2016

General overview for 05/01/2016 07:10 CET

The impulsive count was invalidated due to overlaps of wave 1 and wave 2. The alternative count is now in play. According to this count, the complex corrective cycle in wave B blue has not been completed yet. The wave (a) blue looks completed and the bullish divergence on the daily chart is the first clue to support this view (both on the RSI and AO indicators). The wave (b) blue should be in progress now with the projected target at the level of 131.04. After reaching this level, the market should reverse and complete the last wave to the downside - the wave (c) blue. Then, the whole corrective structure will be completed and the market should be ready to resume the uptrend in order to develop the wave C blue.

Support/Resistance:

127.98 - WS3

129.31 - WS2

129.80 - WS1

131.04 - Technical Resistance

131.14 - Weekly Pivot

131.62 - WR1

Trading recommendations:

Daytraders should consider buying on the dips in this market with SL below the level of 128.65 and TP open for now.

This image is no longer relevant

Summary
Urgency
Analytic
Sebastian Seliga
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback