FX.co ★ Technical analysis of EUR/JPY for January 7, 2016

General overview for 07/01/2016:

An impulsive wave progression in the last wave c looks completed and now an impulsive breakout higher above the level of 128.20 is needed to confirm that the bottom might be in place. Please notice that the bullish divergence between the price and momentum oscillator supports the view.

Support/ Resistance :

127.02 - Intraday Support

127.98 - WR3

128.67 - Intraday Resistance

129.31- WS2

Trading recommendations:

Daytraders should watch this pair closely and consider buying on the dips in this market with tight SL as the downside trend might reverse any time soon.