02.03.201511:30 Forex Analysis & Reviews: Technical analysis of EUR/JPY for March 2, 2015

General overview for 02/03/2015 10:20 CET

The overall labeling of the recent wave progression has been slightly changed and now the top of wave C black is labeled as wave W brown and the recent low of (a)(b)(c) blue wave progression is labeled as wave Y brown. That change is a merely labeling change and the longer term outlook remains the same — wave Y brown is missing to the upside in order to complete the overall corrective cycle in wave 4 black. Please notice that the market must break out above an intraday resistance at the level of 134.43 and then break even higher above the golden trend line to continue with the upward wave progression. Any failure here would result in lower levels of the wave X brown test.

Support/Resistance:

132.77 - WS1

133.43 - Intraday Support

134.22 - Weekly Pivot

134.43 - Intraday Resistance

135.02 - WR1

Trading recommendations:

Daytraders and swingtraders should consider opening buy orders from the current market levels with SL below the level of 133.43 and TP open for now.