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Technical analysis of EUR/JPY for March 3, 2016 2016-03-03

General overview for 03/03/2016:

The golden trend line i s still providing the dynamic resistance and bulls must break out above it to confirm the impulsive progression to the upside. The bottom for the wave B blue might be in place and the confirmation of this scenario comes with the level of 125.00 violation. Nevertheless, any violation of the level of 122.06 will invalidate the current labeling and extend the drop downward in wave B blue.

Support/Resistance:

119.43 - WS3

120.96 - WS2

122.56 - WS1

123.09 - Intraday Support

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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