14.03.201607:53 Forex Analysis & Reviews: Technical analysis of EUR/JPY for March 14, 2016

Long-term review

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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.

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