FX.co ★ Technical analysis of EUR/JPY for January 6, 2016

General overview for 06/01/2016:

An impulsive wave progression in the last wave c might be about to terminate as the cycle is looking mature and the bullish divergence supports the view. Nevertheless, the price must break out higher above the level of 128.67 to confirm this point of view.

Support/ Resistance :

127.32 - Intraday Support

127.98 - WR3

128.67 - Intraday Resistance

129.31- WS2

Trading recommendations:

Daytraders should watch this pair closely and consider buying on the dips in this market with tight SL as the downside trend might reverse any time soon.