FX.co ★ Technical analysis of EUR/JPY for January 17, 2017

General overview for 17/01/2017:

Another marginal lower low has been made in this market, but the overall outlook does not change. The new bottom has been made at the level of 120.64 and the confirmation of the bottom will come with the intraday resistance at the level of a 121.18 breakout. Please notice, that according to the Elliott wave count, there is still one more big wave to the upside missing - wave (5) blue.

Support/Resistance:

120.64 - Intraday Support

120.89 - Technical Support

121.18 - Intraday Resistance

122.01 - Weekly Pivot

122.82 - WR1

123.85 - Swing High

Trading recommendations:

Day traders should consider opening buy orders only if the level of 121.18 is clearly violated. TP should be set at the level of 122.01.