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

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    Technical outlook and chart setups:

    The EUR/JPY pair seems to have formed interim bottom at 123.00 levels yesterday as expected. Please also note that 123.00 is fibonacci 0.50% support level of the rally between 122.00 and 124.30 levels respectively (not depicted here on chart). A push above 124.35 levels would accelerate rally towards 125.80 levels at least. The entire rally could unfold into3 waves and potentially extend through 128.50 levels. On the other side, EUR/JPY can also dip into 122.80 levels, before rallying further. Hence it is recommended to remain long with risk below 122.00 levels for now. Immediate support is seen at 122.00 levels while resistance is seen at 125.00 levels respectively.

    Trading recommendations:

    Remain long for now, stop at 122.00, targets are at 125.80 and 128.50.

    Good luck!

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