FX.co ★ Technical analysis of EUR/JPY for January 8, 2016

General overview for 08/01/2016:

An anticipated yesterday, the downtrend finally reversed to the upside in an impulsive fashion. To keep the reversal valid, the price must not break below the level of 128.17. Please notice there is an unfilled gap at the level of 130.75, which might be the next near-term target.

Support/ Resistance :

127.98 - WR3

128.17 - Intraday Support

129.07 - Intraday Resistance

129.31- WS2

Trading recommendations:

The buy orders from yesterday should be still kept open with SL moved higher to the level of 128.16. TP is open for now, but the nearest good level to take out partial profits is 129.50.