Technical Analysis of EUR/JPY for March 23, 2016
General overview for 23/03/2016:
The abc green corrective cycle in wave (ii) had been completed at the level of 124.67. Moreover, the immediate upward reaction 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 - Intraday Resistance
126.76 - WR1
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.
The material has been provided by InstaForex Company - www.instaforex.com
