Technical analysis of EUR/JPY for January 8, 2015
General overview for 08/01/2015 10:30 CET
The market is trying to continue the uptrend but has been of no advantage so far. The initial intraday resistance at the stage of 141.68 still puts a cap on any significant rebound and this level is the key stage to succeed in an impulsive wave progress.
The price remains inside of the intraday trading diversity between the levels of 140.54 – 141.68 and only a breakout below/ above any of these levels will bring more hints about the further trend movement.
Please keep in mind that, the bias is still bullish and the bullish divergence on momentum oscillator supports this view.
140.54 – WS2
141.65 – Intraday Resistance
141.95 – WS1
143.18 – Intraday Resistance
144.10 – 144.42 – Gap Zone
144.58 – Weekly Pivot
145.57 – Technical Resistance
146.22 – WR1
We still keep buy orders opened from a number of days ago, with Stop-Loss below the level of 140.54 and Take-Profit at the level of 144.42. The next good level to add to existing positions is at the level of 143.17.