FX.co ★ Technical analysis of EUR/JPY for Febuary 2, 2016

General overview for 02/02/2016:

The pair still trades inside a narrow range zone between the levels of 132.32 and 130.22. Moreover, first indications of a possible three-wave correction termination is visible as well, so any rally upwards that breaks a local high at the level of 132.31 will be labeled as wave three of the main impulsive structure.

Support/Resistance:

133.69 - WR1

132.27 - Local High|Intraday Resistance|

130.76 - Weekly Pivot

130.22 - Intraday Support

129.18 - WS1

Trading recommendations:

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