FX.co ★ Technical analysis of EUR/JPY for January 11, 2016

General overview for 11/01/2016:

The wave b purple of the corrective cycle retraced 61% of the previous swing and then bounced upwards. Currently, the next wave is being expected - wave c purple. The projected target for this wave is now at the level of 129.98, which is just below the 130.00 round level resistance as well.

Support/Resistance:

127.53 - Intraday Support

128.31 - Weekly Pivot

129.08 - Intraday Resistance

129.98 - Wave c Target Projection

131.01 - Technical Resistance

Trading recommendations:

Daytraders should open buy orders from current market levels witch SL just below the last intraday support at the level of 127.53 and TP at the level of 129.98.