Technical Analysis of EUR/JPY for March 10, 2016
Technical outlook and chart setups:
The EUR/JPY pair is trading higher at 128.80/90 levels for now, looking to extend rally towards 128.00 levels at least. The structure indicates that the pair might have completed 5 waves drop from 141.00 through 122.00 levels. Furthermore, please note that a corrective rally (3 waves) might have already begun from sub 122.00 levels earlier. The corresponding correction may unfold as a zigzag or a flat, which would be clear soon. It is recommended to remain long now, with risk below 122.00 levels for now. Please also note that upside potential remains up to 133.00 levels, which is fibonacci 0.618 resistance of the entire drop between 141.00 and 122.00 levels respectively. Immediate support is seen at 123.00 levels while interim resistance is at 128.00 levels respectively.
Trading recommendations:
Remain long now, stop at 122.00, a target is 128.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
