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21.01.201610:57 Forex Analysis & Reviews: Technical analysis of EUR/JPY for January 21, 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 21/01/2016:

The higher time frame cycle still indicates that the current bullish scenario is valid. The complex corrective structure is about to be completed or it was already completed and the next wave development should be started to the upside. The first clue supporting this scenario will be a bullish breakout above the golden trend line.

Support/Resistance:

126.37 - WS2

126.84 - WS1

126.78 - Technical Support

127.29 - Intraday Support

127.78 - Weekly Pivot

128.29 - WR1

129.07 - Intraday Resistance

129.25 - WR2

129.61 - Wave c Target Projection

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur.

Exchange Rates 21.01.2016 analysis

Sebastian Seliga
Analytical expert of InstaForex
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