25.03.201511:02 Forex Analysis & Reviews: Technical analysis of EUR/JPY for March 25, 2015

Long-term review

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General overview for 25/03/2015 09:50 CET

Wave (b) blue might be now completed, but the confirmation comes with the breakout of the level of 131.39. Now the market is heading straight into key resistance zone between the levels of 131.65 - 131.85 that should be used as a target for wave Y brown and the corrective cycle as a whole. Please note that any violation of the weekly pivot at the level of 129.75 is bearish and means that corrective cycle was finished sooner than expected.

Support/Resistance:

132.45 - 61%Fibo

132.13 - WR1

131.85 - Technical Resistance

131.65 - Intraday Resistance

131.39 - 50%Fibo

130.34 - Intraday Support

129.75 - Weekly Pivot

Trading recommendations:

Buy orders advised on Monday should be in profit and the TP orders should be set at the level of 131.65 with a possible extension upward to the level of 131.85. Please note the market can spike up to the TP zone very quickly and suddenly.

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