FX.co ★ Technical analysis of EUR/JPY for March 24, 2015

General overview for 24/03/2015 10:35 CET

The corrective cycle to the upside has bounced off the wave b green support zone and now the market is heading straight into key resistance zone between the levels of 131.65 - 131.85. In the meantime the 50% Fibo at the level of 131.39 is providing the resistance as well. This is why an additional alternative count has been added to the overall development. Please notice there is a possibility of a rather sooncompletion of wave Y brown at the level of 131.39 and a possible market reversal. Nevertheless, this kind of wave progression is valid only if the weekly pivot at the level of 129.75 is violated.

Support/Resistance:

132.45 - 61%Fibo

132.13 - WR1

131.85 - Technical Resistance

131.65 - Intraday Resistance

131.39 - 50%Fibo

130.49 - Intraday Support

129.75 - Weekly Pivot

Trading recommendations:

Now, buy orders advised yesterday should be in profit and the TP orders should be set at the level of 131.65 with a possible extension upward to the level of 131.85.