FX.co ★ Technical analysis of EUR/JPY for Febuary 24, 2016

General overview for 24/02/2016:

The bottom for the B blue wave might be in place, but, as in the previous attempts, this one is still not confirmed. The market is still trading in bearish zone and the whole structure evolves into more complex and time consuming correction even on longer time frames. The current ABC blue labeling may not be the last one as further corrective sub-waves are still expected.

Support/Resistance:

122.70 - WS2

123.03 - Intraday Support

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.