FX.co ★ Technical analysis of EUR/JPY for January 5, 2015

General overview for 05/01/2015 11:00 CET

On larger time frames we can see that the complex corrective structure labeled here as WXYXXZ brown for wave 2 red might have been completed and now the market might try to rebound impulsively. The last spike down to the level of 143.18 might be the last one in the corrective wave progression to the downside and now the market might start the impulsive structure to the upside. The first resistance is the gap zone between the levels of 144.10 - 144.42 and then a weekly pivot at the level of 144.58. Only a clear impulsive breakout higher would support this view and any violation of the level of 143.18 invalidates this count.

Support/Resistance:

143.18 - Intraday Support|Invalidation Line|

144.10 - 144.42 - Gap Zone

144.58 - Weekly Pivot

144.75 - Intraday Resistance

145.57 - Technical Resistance

146.22 - WR1

Trading recommendations:

Daytraders should consider to open buy orders from current market levels with SL below the level of 143.18 and TP at the level of 144.42 with a possible extension to the level of 144.75.