01.02.201610:57 Forex Analysis & Reviews: Technical analysis of EUR/JPY for Febuary 1, 2016

Long-term review

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General overview for 01/02/2016:

From the Elliott Wave point of view, the current upward move might be completed as there are five impulsive wave seen in the hourly chart. Moreover, a three-wave corrective cycle is visible as well, so any rally upwards that breaks the local high at the level of 132.31 will be labeled as wave three of the main impulsive structure. Nevertheless, an alternative count suggests even more impulsive wave progression to the upside as long as the level of 130.22 is not violated.

Support/Resistance:

133.69 - WR1

132.27 - Local High|Intraday Resistance|

130.76 - Weekly Pivot

130.22 - Intraday Support

129.18 - WS1

Trading recommendations:

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

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