FX.co ★ Technical analysis of EUR/JPY for March 31, 2016

General overview for 31/03/2016:

The impulsive wave progression to the upside is about to be terminated. There is one more wave to the upside and then a corrective structure should unfold. If the market breaks below the intraday support at the level of 126.95, bears will be in control over this market.

Support/Resistance:

127.81 - Intraday Resistance

127.42 - WR1

127.09 - 127.26 - Supply Zone

126.95 - Intraday Support

126.04 - Weekly Pivot

125.54 - WS1

124.67 - Local Low

124.18 - WS2

123.69 - WS3

123.07 - Green Impulsive Cycle Invalidation Level

Trading recommendations:

Day traders should put trailing stop loss orders on long positions from the 123.00 area that is still in play and wait for the market's reaction at the supply zone. Any breakout higher might be another impulsive wave development towards the level of 128.18.