Technical Analysis of EUR/JPY for March 14, 2016
General overview for 14/03/2016:
There is one more wave to be completed in the recent bullish impulsive rally before any meaningful correction will take place. The projected target level for wave 5 purple is at the level of 127.80, just where the golden trend-line dynamic resistance is. After making this local high for wave 5, the market should develop the sub-corrective wave and test the level of 125.88 before another impulsive leg upwards happens.
Support/Resistance:
127.26 - Intraday Resistance
126.05 - Weekly Pivot
125.58 - Intraday Support
124.82 - WS1
121.83 - WS2
Trading recommendations:
Day traders should buy the dips in this market with SL below the level of 126.05 and TP at the level of 127.80.
The material has been provided by InstaForex Company - www.instaforex.com
