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06.01.201712:47 Forex Analysis & Reviews: Technical analysis of EUR/JPY for January 6, 2017

Long-term review

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General overview for 06/01/2017:

The marginal new low was made at the level of 122.01 and then the price reacted impulsivley to the upside. Nevertheless, the low is still way above the impulsive wave invalidation line at the level of 121.59. The whole structure between the levels of 123.85 and 122.25 looks like a double three corrective pattern as it is full of whipsaws and false breakouts in both directions. The most important level is the weekly pivot at the level of 122.93 and intraday support at the level of 122.25. The bias remains bullish as there are unfinished waves to the upside.

Support/Resistance:

124.28 - WR1

123.85 - Intraday Resistance

122.92 - Weekly Pivot

122.01 - Intraday Support

122.04 - WS1

Trading recommendations:

Day traders should still consider buying the dips in this market as the upward wave progression is uncompleted.

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