FX.co ★ Technical analysis of EUR/JPY for March 27, 2015

General overview for 27/03/2015 08:30 CET

There is one more sub-wave missing here in the hourly chart to complete the decline in the price and time wave c green of wave (b) blue. The market should finally bounce from the intraday support at the level of 129.28. If there is no reaction at this level, it might mean the alternative count is in play and the top for the level Y brown would be set at the level of 131.50.

Support/Resistance:

132.45 - 61%Fibo

132.13 - WR1

131.85 - Technical Resistance

131.15 - Intraday Resistance

131.39 - 50%Fibo

129.75 - Weekly Pivot

129.28 - Intraday Support

127.78 - WS1

Trading recommendations:

Short orders from yesterday were closed with the minimal lose after SL was hit (that's what it is for anyway) and with today's wave progression the outlook would be still more bearish than bullish. This might change only with the intraday resistance break out above the level of 131.15.