FX.co ★ Technical analysis of EUR/JPY for January 23, 2014

General overview for 23/01/2014 15:50 CET

The corrective structure on hourly time frame is getting more complex and time-consuming as the price is rather close to invalidate the main impulsive count. The critical area for impulsive count not to be invalidated is between weekly pivot at the level of 141.42 and intraday support at the level of 141.20. Any breakout below this level means that the main count is invalidated and lower market prices are expected.

Support/Resistance:

142.90 - Swing High

142.32 - WR1

142.05 - Intraday Resistance

141.42 - Weekly Pivot

141.20 - Intraday Support

140.49 - 140.30 - Technical Support Zone

Trading recommendations:

Short positions should be opened only if the level of 141.20 is violated. In that case SL should be placed above the level of 141.42 and Tp should be placed at the level of 140.48.