empty
28.01.2016 05:32 PM
Daily analysis of EUR/JPY for January 28, 2016

This image is no longer relevant

Overview

The break of the 129.07 minor resistance suggests a near-term reversal before the 126.09 key support level. A rebound from 126.16 should now target the 55-day EMA (now at 130.57). A sustained break will target the 134.58 resistance. In case of a retreat, we stay cautious on strong support from 126.09 to bring a rebound. Price actions from the 149.76 medium-term top is viewed as a developing corrective pattern. At this point, as long as the 126.09 support holds, we expect a sideways pattern between 126.09 and 149.76 in the medium term to be followed by an upside breakout at a later stage. However, a decisive break of 126.09 will raise some questions over this outlook and would bring a deeper fall to 61.8% retracement of 94.11 to 149.76 at 115.36.

Daily Pivots: (S1) 128.52; (P) 129.00; (R1) 129.75

Summary
Urgency
Analytic
InstaForex Analyst
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