28.01.201515:28 Forex Analysis & Reviews: Technical analysis of EUR/JPY for January 28, 2015

General overview for 28/01/2015 14:15 CET

The very well defined intraday resistance at the level of 134.21 still keeps a lid on any market rallys. This is why any breakout higher above this level will be crucial for market to define the low for the wave 3 black. Current wave progression looks like a beginning of a zig-zag shaped corrective cycle due to its impulsive development. To continue higher with this kind of progression, the market must bounce from the intraday support at the level of 132.46 or 131.83 and make a new local high above the level of 134.21.

Support/Resistance:

130.14 - Swing Low

131.83 - Intraday Support

132.46 - Intraday Support

132.95 - Intraday Support

134.21 - Intraday Resistance

134.99 - WR1

Trading recommendations:

As long as the market trades below the level of 134.21, choppy trading conditions are expected, as the market might be making wave 4 black in shape of a triangle or any other corrective shape. Any breakout higher above the level of 134.21 is bullish; buy orders should be opened with SL below one of the intraday support levels.