FX.co ★ Technical analysis of EUR/JPY for January 8, 2015

General overview for 08/01/2015 10:30 CET

The market is trying to resume the uptrend but has been of no avail so far. The first intraday resistance at the level of 141.68 still puts a cap on any meaningful rebound and this level is the key level to succeed in an impulsive wave development. The price stays inside of the intraday trading range between the levels of 140.54 - 141.68 and only a breakout above/below any of the levels will give more clues about the further market movement. Please note that the bias is still bullish and the bullish divergence on momentum oscillator supports this view.

Support/Resistance:

140.54 - WS2

141.65 - Intraday Resistance

141.95 - WS1

143.18 - Intraday Resistance

144.10 - 144.42 - Gap Zone

144.58 - Weekly Pivot

145.57 - Technical Resistance

146.22 - WR1

Trading recommendations:

We still keep buy orders opened from a couple of days ago, with SL below the level of 140.54 and TP at the level of 144.42. The next good level to add to existing positions is at the level of 143.17.