FX.co ★ Technical analysis of EUR/JPY for January 20, 2016

General overview for 20/01/2016:

The market is testing the intraday support level of 127.29, but still the price did not broke below the neutral zone boundary. This cycle might get even more complex and time-consuming as it develops into more complex corrective structure. An upside breakout is still expected, but any new local low below the level of 126.78 would immediately invalidate this view increasing the odds for more downside pressure.

Support/Resistance:

126.37 - WS2

126.84 - WS1

126.78 - Technical Support

127.29 - Intraday Support

127.78 - Weekly Pivot

128.29 - WR1

129.07 - Intraday Resistance

129.25 - WR2

129.61 - Wave c Target Projection

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur.