FX.co ★ Technical analysis of EUR/JPY for January 28, 2016

General overview for 28/01/2016:

The pair has finally broken out of a range zone right into the bullish territory. Moreover, the current wave progression to the upside does not look completed as there is still one more wave missing. A target is seen at the level of 130.13, but it might get extended to the level of 130.37 before any meaningful reversal occurs.

Support/Resistance:

126.08 - Higher Time Frame Cycles Invalidation Level

126.95 - WS1

127.75 - Weekly Pivot

128.71 - Intraday Support

129.34 - WR1

129.47 - Intraday Resistance

130.13 - WR2

130.75 - 130.85 - Technical Resistance| Gap |

Trading recommendations:

Day traders should consider buying on dips in this market with SL below the level of 128.71 and TP at the level of 130.13.