FX.co ★ Technical analysis of EUR/JPY for January 18, 2017

General overview for 18/01/2017:

The pair hit a fresh intraday high at the level of 121.39 after the consolidation zone had been violated. The market came back, however, to test the intraday support at the level of 120.53, but did not make a new low. Currently, another leg upward is expected with the projected target at the level of 121.70 and then at the weekly pivot at the level of 122.01. Please notice, that according to the Elliott wave count, there is still one more big wave to the upside missing - wave (5) blue.

Support/Resistance:

120.53 - Intraday Support

120.89 - Technical Support

121.39 - Intraday Resistance

122.01 - Weekly Pivot

122.82 - WR1

123.85 - Swing High

Trading recommendations:

Day traders should keep the buy orders open and the SL should be placed below the level of 120.53. TP should be set at the level of 122.01.