InstaForex - Analytics


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    Technical analysis of EUR/JPY for March 10, 2016 2016-03-10

    General overview for 10/03/2016:

    The leading diagonal triangle in the black wave 1 had been completed sooner than expected, so the downward wave progression from 125.56 high was labeled as the wave 2. Currently, the market is still trading inside the neutral zone, but the first attempts of the impulsive bullish wave development are visible. The bulls need the break out above the intraday resistance at 125.56 to continue the rally towards the 126.90 level. Only a sustained violation of the 123.08 level will invalidate the bullish impulsive scenario.


    127.99 - WR2

    126.90 - WR1

    125.55 - Intraday Resistance

    124.48 - Weekly Pivot

    124.25 - Intraday Support

    123.41 - WS1

    123.09 - Intraday Support

    122.06 - Swing Low

    Trading recommendations:

    Day traders should open buy orders from the current price levels with SL below 123.08 and TP at 126.09 min.


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