Technical analysis of EUR/JPY for March 20, 2015 Market Analysis Review

General overview for 20/03/2015 06:25 CET

The market has come down just as anticipated yesterday and is currently in the process of making wave X brown to the downside. In the mean time, the market is trading in quite tight daily range between the levels of 129.52 - 128.24. The current best count might even suggest the wave X brown might had been completed, but to confirm this assumption, the price must break out higher above the intraday resistance at the level of 129.52. Please notice that if the intraday support at the level of 128.24 is violated, the next support is the swing lower at the level of 126.89.

Support/Resistance:

133.33 - WR2

132.45 - 61%Fib

131.84 - Technical Resistance

131.66 - Intraday Resistance

131.39 - 50%

129.90 - WR1

129.52 - Intraday Resistance

128.41 - Weekly Pivot

128.24 - Intraday Support

Trading recommendations:

Daytraders might consider to open buy orders from current price levels with SL below the level of 128.24 and then add to the buy orders if the level of 129.52 is broken with H1 candle close above it. TP for both types of orders should be placed first at the level of 130.50, and then at the level of 131.66.

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



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