FX.co ★ Technical analysis of EUR/JPY for January 12, 2017

General overview for 12/01/2017:

The triangle pattern in the blue wave (4) has been invalidated as the market is now evolving into more complex correction. The current corrective structure looks more like a double three pattern and the market is in the last stages of this cycle. The projected target for the green wave c of this correction is at the level of 120.88 (technical support). The alternative count suggests the top for the purple wave 3 is in place already at the level of 124.08, so the current correction is just like the purple wave 4, but one degree higher. Anyway, regardless of the wave degree, there is still on more wave to the upside missing.

Support/Resistance:

124.08 - Swing High

121.97 - Intraday Resistance

120.88 - Intraday Support

Trading recommendations:

Day traders and swing traders should refrain from trading as the market is evolving into more complex corrective cycle which is full of whipsaws and false breakouts. Please wait for the next trading setup to occur shortly.