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Technical analysis of EUR/JPY for January 9, 2017

General overview for 09/01/2017:

The market still trades inside of the trading range between the intraday resistance at the level of 123.84 and intraday support at the level of 122.01. The current labeling suggests more impulsive wave progression come shortly, but the key to the upside levels is the wave -i- high at the level of 123.84. This level must be clearly violated in order to an impulsive structure to develop. Otherwise, the corrective cycle in wave (4) (blue) will evolve into even more complex and time-consuming structure.

Support/Resistance:

123.97 - WR1

123.84 - Intraday Resistance

123.00 - Weekly Pivot

122.46 - WS1

122.01 - Intraday Support

121.47 - WS2

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 123.84 is clearly violated. The uncompleted wave progression to the upside support this view.

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The material has been provided by InstaForex Company - www.instaforex.com