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Technical analysis of EUR/JPY for March 1, 2016 2016-03-01

General overview for 01/03/2016:

Let's take a look at the higher time frame technical picture and Elliott wave count for this pair. In a daily time frame, we can see a complex corrective structure labeled as ABC-X-ABC pattern. The sub-wave B blue of this structure might be in place and the reason for this is a growing bullish divergence between the price and momentum oscillator and RSI. In the result of this divergence, the sharp bullish reversal in form of wave C blue should occur any time soon according to the main count. On the other hand, the alternative count indicates the top for the wave B blue has been made already and the current downside drop is the wave C blue of the wave 2 corrective cycle. In that case, the current big corrective cycle in a weekly time frame might be soon completed and this pair might start to develop wave 3 blue to the upside.

Support/Resistance:

119.43 - WS3

120.96 - WS2

122.45 - Intraday Support

122.56 - WS1

124.05 - Weekly Pivot

125.01 - Intraday Resistance

125.68 - WR1

127.18 - WR2

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders when the bottom of the wave B blue is in place, so buy stop orders should be placed at the level of 125.03.

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