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

General overview for 24/03/2016:

After completing the corrective structure in wave (ii), the market stalled just below the intraday resistance at the level of 126.25. The immediate upward reaction from the wave (ii) bottom looks impulsive in nature and might be the beginning of a new upward impulsive wave progression. Nevertheless, the alternative count suggests that the 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:

127.98 - WR2

127.26 - Technical Resistance

126.76 - WR1

126.35 - Intraday Resistance

125.39 - Weekly Pivot

125.58 - Intraday Resistance

124.90 - Intraday Support

124.82 - WS1

124.67 - Intraday Support

123.07 - Green Impulsive Cycle Invalidation Level

121.87 - WS2

Trading recommendations:

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