empty
 
 
13.01.2017 11:34 AM
Technical analysis of EUR/JPY for January 13, 2017

General overview for 13/01/2017:

The double three pattern in wave c (green) is either completed or is about to complete as the market is in the last stages of this cycle. The projected target for the green wave c of this correction is at the level of 120.88 (technical support). The alternative count suggests the top for the purple wave 3 is in place already at the level of 124.08, so the current correction is just like the purple wave 4, but one degree higher. Anyway, regardless of the wave degree, there is still on more wave to the upside missing.

Support/Resistance:

124.08 - Swing High

122.15 - Intraday Resistance

121.19 - Intraday Support

120.88 - Intraday Support

Trading recommendations:

Day traders and swing traders should refrain from trading as the market is evolving into more complex corrective cycle which is full of whipsaws and false breakouts. Please wait for the next trading setup to occur shortly.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback