Technical analysis of EUR/JPY for January 21, 2016
January 21, 2016 9:50 am
General overview for 21/01/2016:
The higher time frame cycle still indicates that the current bullish scenario is valid. The complex corrective structure is about to be completed or it was already completed and the next wave development should be started to the upside. The first clue supporting this scenario will be a bullish breakout above the golden trend line.
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.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 21/01/2016:
The higher time frame cycle still indicates that the current bullish scenario is valid. The complex corrective structure is about to be completed or it was already completed and the next wave development should be started to the upside. The first clue supporting this scenario will be a bullish breakout above the golden trend line.
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.
The material has been provided by InstaForex Company – www.instaforex.com
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