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21.01.2016 10:57 AM
Technical analysis of EUR/JPY for January 21, 2016

General overview for 21/01/2016:

The higher time frame cycle still indicates that the current bullish scenario is valid. The complex corrective structure is about to be completed or it was already completed and the next wave development should be started to the upside. The first clue supporting this scenario will be a bullish breakout above the golden trend line.

Support/Resistance:

126.37 - WS2

126.84 - WS1

126.78 - Technical Support

127.29 - Intraday Support

127.78 - Weekly Pivot

128.29 - WR1

129.07 - Intraday Resistance

129.25 - WR2

129.61 - Wave c Target Projection

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur.

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