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Technical analysis of EUR/JPY for March 23, 2015

General overview for 23/03/2015 09:00 CET


The current wave development follows the anticipated path. The corrective cycle in wave X brown looks completed now, the next cycle is to finish the wave Y brown to the upside. The market is currently trading around the weekly pivot at the level of 129.75 and the wave b green might be completed at this level. Nevertheless, the upward wave progression might happen only if the top of the wave a green is violated in an impulsive fashion. A lack of this kind of price action will indicate even more complex and time-consuming wave X brown.


Support/Resistance:


126.89 - Swing Low


127.78 - WS1


128.26 - Intraday Support


129.51 - Intraday Support


129.75 - Weekly Pivot


130.67 - Intraday Resistance


131.59 - 50%Fibo


131.64 - Intraday Resistance


131.84 - Technical Resistance


Trading recommendations:


Daytraders should consider opening buy positions only if the top of the wave a green is violated in an impulsive fashion. Otherwise, the market might still be making wave X brown.


eurjpy_h1.jpg


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