FX.co ★ Technical analysis of EUR/JPY for January 15, 2015

General overview 15/01/2015 09:00 CET

The market had bounce exactly from the anticipated level of 137.00 and currently has hit the first intraday resistance at the level of 138.89. However, the Elliott wave count looks uncompleted with one more wave to the downside needed to finish the cycle. Only an impulsive breakout above the level of 140.05 would invalidate the main count. In that case, the low for wave 5 purple would be at the level of 136.99 and the whole corrective cycle might have been considered completed.

Support/Resistance:

136.99 - Intraday Support

137.12 - WS2

138.36 - WS1

138.89 - Intraday Resistance

140.04 - Purple Impulsive Count Invalidation Line

141.31 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy stop orders from the level of 138.91 with SL below the level of 136.99 and TP at the level of 140.04.