FX.co ★ Technical analysis of EUR/JPY for March 30, 2015

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

The bottom for wave (b) blue seems to be in place now. Further confirmation of the bullish trend resumption is needed to confirm the impulsive wave progression. So, intraday support at the level of 129.01 can not be violated as well. However, in case of a new local low in this pair, the alternate count would be even more reliable than ever, showing the possibility of a completed WXY corrective cycle in wave 2 black and further sell off in this market targeting the technical support at the level of 126.89.

Support/Resistance:

126.89 - Technical Support

127.59 - WS2

128.48 - WS1

129.01 - Intraday Support

130.02 - Weekly Pivot

130.37 - Intraday Resistance

130.98 - WR1

Trading recommendations:

Daytraders should consider opening buy orders from the current price levels with SL below the intraday support at the level of 129.01 and TP at the level of 130.37 with a possible extension later in the week up to the level of 131.65.