Technical analysis of EUR/JPY for March 12, 2015 Market Analysis Review

General overview for 12/03/2015 08:55 CET

The impulsive wave progression to the downside in the last wave 5 red looks like overextended. It means a sharp corrective counter-trend movement might happen soon. Any breakout above the intraday resistance at the level of 129.24 is the first clue that supports this view.

Support/Resistance:

127.63 - Intraday Support

128.12 - WS2

129.10 - WS1

129.24 - Intraday Resistance

130.72 - Intraday Resistance

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 129.24 is clearly violated with H1 candle close above this level. SL orders should be placed below the level of 127.63 and TP orders should be placed at the level of 130.72.

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



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