FX.co ★ Technical analysis of EUR/JPY for March 17, 2016

General overview for 17/03/2016:

After a false breakout above the golden trend line, the price fell back into the neutral zone and currently it is trading around the weekly pivot at the level of 126.05. The ongoing correction might be complex and time-consuming, but it cannot violate the 123.07 level. If it does, the alternative count will be in play, which suggests more downward wave progression towards the 122.06 level.

Support/Resistance:

127.26 - Intraday Resistance

126.05 - Weekly Pivot

125.58 - Intraday Resistance

124.90 - Intraday Support

124.82 - WS1

123.07 - Green Impulsive Cycle Invalidation Level

121.83 - WS2

Trading recommendations:

Day traders should buy on dips with SL below 123.07 and TP open for now.