FX.co ★ Technical analysis of EUR/JPY for March 13, 2015

General overview for 13/03/2015 09:20 CET

The corrective cycle to the upside started yesterday as anticipated. To continue with the upside wave progression, the price must break out above the intraday resistance at the level of 129.24 and head to the next resistance level of 130.72. In case of any failure here, the market will develop a more complex and time-consuming wave b green before bouncing to the upside.

Support/Resistance:

127.63 - Intraday Support

128.12 - WS2

129.10 - WS1

129.24 - Intraday Resistance

130.72 - Intraday Resistance

Trading recommendations:

Because the market is in the corrective cycle that takes some time to fully develop, daytraders should still consider opening buy orders only if the level of 129.24 is clearly violated with H1 candle close above this level. SL orders should be placed below the level of 127.63 and TP orders should be placed at the level of 130.72.