Technical Analysis of EUR/JPY for March 21, 2016
General overview for 21/03/2016:
The market is still trading inside the neutral zone and the congestion zone is getting tighter and tighter. The price fell back into the neutral zone and it is currently trading around the weekly pivot at the level of 125.39. The ongoing 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
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
