Technical Analysis of EUR/JPY for March 8, 2016

Technical Analysis of EUR/JPY for March 8, 2016

8 March 2016, 09:00
Roberto Jacobs
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Technical Analysis of EUR/JPY for March 8, 2016

General overview for 08/03/2016:

The market is still trading inside of the neutral zone and there is still a chance for a possible leading diagonal structure to develop. This scenario is valid as long as the level of 123.09 is not violated. In case of violation, the odds of a downtrend resuming are high and a new low might be reached.


analytics-t-eurjpyjpg


Support/Resistance:

127.99 - WR2

126.90 - WR1

125.55 - Intraday Resistance

124.48 - Weekly Pivot

124.25 - Intraday Support

123.41 - WS1

123.09 - Intraday Support

122.06 - Swing Low

Trading recommendations:

Buy stop orders triggered after the breakout of the level of 125.00 were profitable for some time, but currently they should be closed. Day traders should refrain from trading and wait for a better trading setup to occur in the near term.


The material has been provided by InstaForex Company - www.instaforex.com

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