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Technical analysis of EUR/JPY for January 2, 2017

General overview for 02/01/2017:

The breakout from the triangle pattern looks completed with the local top at the level of 123.85. This top is labeled as wave -i- top, so now the market is developing internal intraday correction. The most important level is the weekly pivot at the level of 122.93 and intraday support at the level of 122.83. 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

122.83 - Intraday Support

122.04 - WS1

Trading recommendations:

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

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