FX.co ★ Technical analysis of EUR/JPY for March 4, 2015

General overview for 04/03/2015 08:25 CET

The current wave progression does not really confirm the impassive wave development to the upside and the outlook for the intraday wave count is more and more in favor of more complex and time consuming corrective cycle in wave X brown. However, this point of view has not been yet confirmed by the market and an impassive breakout below the intraday support at the level of 133.43 is needed to draw that kind of conclusion. In that case, the next support is seen at the level of 132.77.

Support/Resistance:

132.77 - WS1

133.43 - Intraday Support

134.22 - Weekly Pivot

134.59 - Intraday Resistance

135.02 - WR1

Trading recommendations:

The buy orders should still be kept open, but please keep an eye on the level of 133.42 as any breakout below this level invalidates any possibility of a bullish wave progression.