FX.co ★ Technical analysis of EUR/JPY for March 17, 2015

General overview for 17/03/2015 10:00 CET

As anticipated yesterday, wave c green is currently unfolding to the upside and the market might try to break out even higher above the intraday resistance at the level of 129.03. However, this move upwards is less impulsive than regular downward moves in the decline. The reason might be that investors and traders are waiting for important fundamental data from the Fed later this week and are not very eager to open new positions beforehand. Moreover, please notice that only a sustained breakout above the level of 131.87 would change the technical picture. On the other hand, any failure at the level of 129.03 might result in another test of lows.

Support/Resistance:

126.89 - Intraday Support

128.41 - Weekly Pivot

129.03 - Intraday Resistance

129.90 - WR1

130.69 - Intraday Resistance

131.59 - 50%Fibo

131.87 - Intraday Resistance

132.45 - 61%Fibo

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 129.03 is clearly violated with a minimum H1 closure above this level. SL should be placed below the level of 126.89 and TP should be placed at the level of 130.69 with a possible extension upward to the level of 131.87.