FX.co ★ Technical analysis of EUR/JPY for January 3, 2017

General overview for 03/01/2017:

The corrective cycle continues to develop in very choppy trading conditions. The intraday support has moved lower to the level of 122.66 and it might act as the bottom for the wave c (purple). The most important level is the weekly pivot at the level of 122.93 and intraday support at the level of 122.83. The bias remains bullish as there are unfinished waves to the upside.

Support/Resistance:

124.28 - WR1

123.85 - Intraday Resistance

122.92 - Weekly Pivot

122.66 - Intraday Support

122.04 - WS1

Trading recommendations:

Day traders should still consider buying the dips in this market as the upward wave progression is uncompleted.