FX.co ★ 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.