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    Technical analysis of EUR/JPY for Febuary 26, 2016 2016-02-26

    General overview for 26/02/2016:

    After the double bottom had been reached at the level of 122.44, the marked rallied to the upside just to be capped under the intraday resistance level. To confirm that the bottom for wave B blue is in place, the price must break out above the level of 125.01 in an impulsive fashion. Nevertheless, the market is still trading in a bearish zone and the whole structure evolves more complex and time-consuming correction even in the longer time frames. The current ABC blue labeling may not be the last one as further corrective sub-waves are still expected.

    Support/Resistance:

    122.48 - Intraday Support

    122.70 - WS2

    123.59 - WS1

    125.02 - Intraday Resistance

    125.90 - Weekly Pivot

    126.75 - WR1

    128.27 - Technical Resistance

    Trading recommendations:

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

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