FX.co ★ Technical analysis of EUR/JPY for Febuary 23, 2015

General overview for 23/02/2015 10:35 CET

The projected target level market as an orange rectangle on the Friday's chart has been hit, but there is no downward continuation afterwards. This kind of market behavior may lead to a conclusion that the complex corrective cycle in shape of triple three pattern has not been completed yet, and I'm still waiting for the last wave to the upside to unfold. This last wave will be labeled as wave Y brown. The projected target level for this wave is the zone between the levels of 137.25 - 137.64. A reversal is expected after the target area is hit as the overall corrective cycle in wave 4 black should now be completed.

Support/Resistance:

137.25 - 137.64 - Projected Target Zone

136.90 - WR1

135.88 - Intraday Resistance

135.21 - Weekly Pivot

134.21 - WS1

133.55 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders only when the level of 135.88 is violated with relatively tight SL (20-30 pips) and TP at the level of 137.25 - 137.64.