FX.co ★ Technical analysis of EUR/JPY for Febuary 23, 2016

General overview for 23/02/2016:

The bears are in full control of this market as the last support level has been broken. The whole structure evolves into more complex and time consuming correction even on higher time frames. The current ABC blue labeling may not be the last one as further corrective sub-waves are still expected.

Support/Resistance:

123.59 - WS1

125.02 - Intraday Resistance

125.90 - Weekly Pivot

126.75 - WR1

128.27 - Technical Resistance

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term.