FX.co ★ Technical analysis of EUR/JPY for Febuary 27, 2015

General overview for 27/02/2015 10:00 CET

The Elliott wave sccenario was relabeled as the general projections of the wave development turned out to be slightly different than anticipated. Currently, the whole structure that had been developing inside the golden channel was labeled as a triple-three corrective cycle wave XX brown and one more sub-wave down is expected here before the market will bounce and reverse to the upside. The key level for this bullish scenario is the intraday resistance at the level of 134.43 and any breakout higher is bullish.

Support/Resistance:

137.25 - 137.64 - Projected Target Zone

136.90 - WR1

135.21 - Weekly Pivot

134.43 - Intraday Resistance|Key Level|

134.21 - WS1

134.00 - Intraday Resistance

133.54 - Intraday Support

132.56 - WS2

Trading recommendations:

Daytraders should consider opening sell orders only if the level of 133.54 is violated with SL above the level of 134.00 ant TP at the level of 132.56. Please, notice the wave XX is about to complete and a bounce/reversal is quite possible in this market.