FX.co ★ Technical analysis of EUR/JPY for January 20, 2015

General overview for 20/01/2015 09:00 CET

The market moved slightly higher above the key level and weekly pivot at the level of 136.80 and now awaits news data to confirm the upward direction. The next level of resistance is the weekly pivot resistance at the level of 138.90. Any breakout above this level will result in entering bullish zone, and higher prices are expected on the market. Only a sustained breakout below the level of 134.73 would invalidate this outlook.

Support/Resistance:

134.74 - Intraday Support

136.80 - Weekly Pivot

137.02 - Intraday Resistance

138.90 - WR1

Trading recommendations:

As advised yesterday, daytraders and swingtraders should now keep buy orders open, with SL below the level of 134.72 and TP at the level of 138.90 with a possible upside extension.