Technical Analysis of EUR/JPY for March 15, 2016
After forming a double bottom near 122.50, EUR/JPY started to move higher towards higher highs and higher lows. While growing, the price broke above the strong technical and psychological resistance at 125.00. Also, the pair broke above 1.618 and then 2.618 of the Fibonacci channel, which could mean that the further growth potential is still very likely. The Fibonacci applied to the first corrective wave down after the breakout of the resistance at 125.00 that represented a potential upside target, being at 361.8% retracement level. It also coincides with the 361.8% Fibonacci channel retracement.
Consider buying EUR/JPY, while the price is near S1 (126.00) targeting R2 (128.60). The stop loss should be placed just below the major support of 125.00.
Support: 125.00, 126.00
Resistance: 126.80, 128.60
The material has been provided by InstaForex Company - www.instaforex.com
