FX.co ★ Technical analysis of EUR/JPY for January 13, 2015

General overview for 13/01/2015 

The key support zone on the important Fibonacci levels is still providing the support and the rebound is expected now. The corrective structure to the downside looks completed and the bullish divergence on the momentum oscillator supports the view. The intraday resistance at the level of 140.52 is the key level now, as any breakout higher will open the road to test the level of 141.67, the key mid-term level to the upside.

Support/Resistance:

139.46 - Intraday Support

140.00 - 61%Fibo

140.55 - Intraday Resistance

141.31 - Weekly Pivot

141.68 - Intraday Resistance 

142.44 - WR1 

Trading recommendations: 

Swingtraders: sell orders should be closed as the support has been found and trends resumption might be underway. 

Daytraders: buy stop orders should be placed from the level of 140.60 with SL below the level of 139.46 and TP at the level of 141.68