FX.co ★ Technical analysis of EUR/JPY for March 11, 2016

General overview for 11/03/2016:

As anticipated yesterday, the wave 3 purple to the upside had been made in an impulsive fashion. Currently, the market is in sub-corrective cycle and when it is completed, another rally upwards is anticipated. The targets for wave 5 are around the level of 128.00. Only a sustained breakout below the level of 124.91 would invalidate the bullish scenario.

Support/Resistance:

127.99 - WR2

126.90 - WR1

125.56 - Intraday Support

124.48 - Weekly Pivot

123.41 - WS1

122.06 - Swing Low

Trading recommendations:

Yesterday's buy orders has been closed with massive profits. For those of traders who decided to keep buy orders open, the next TP is seen at the level of 128.00.