FX.co ★ Technical analysis of EUR/JPY for January 12, 2016

General overview for 12/01/2016:

One more wave down has been made yesterday inside of the wave b purple subcycle. The count is still valid, but the target for the potential wave c purple has been lowered to the level of 129.61, just above the old wave -iv- top. Nevertheless, to confirm this scenario, the price must break out higher above the golden trend line in impulsive fashion.

Support/Resistance:

127.31 - Intraday Support

128.31 - Weekly Pivot

129.08 - Intraday Resistance

129.31 - 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 127.31 and TP at the level of 129.61