09.03.201512:54 Forex Analysis & Reviews: Technical analysis of EUR/JPY for March 9, 2015

General overview for 09/03/2015 11:30 CET

There are two Elliott wave counts possible on this market, but due to the recent wave development the outlook is still not very clear:

- The alternative count I indicates that the complex corrective structure labeled as wave X brown might have bottomed at the level of 130.69 and the next leg upward might be underway. To confirm this count, the price must break out above the level of 133.50 and higher.

- The alternative count II indicates a completion of the wave 4 blue in shape of a WXYXXZ complex corrective triple-three structure at the level of 135.87 and now the market is unfolding wave 5 blue to the downside.

Please, keep an eye on the price action on this market as there are too many chart interpretations available at the moment and market can break out higher/lower at any given time. Patience is required.

Support/Resistance:

130.53 - WS3

130.69 - Intraday Support

131.81 - Intraday Resistance

131.96 - WS2

132.77 - WS1

134.32 - Weekly Pivot

Trading recommendations:

Traders should observe the market, wait for a clear price behavior and refrain from trading for now.