18.03.201510:30 Forex Analysis & Reviews: Technical analysis of EUR/JPY for March 18, 2015

General overview for 18/03/2015 09:20 CET

As anticipated from the beginning of the week wave c green to the upside had been made. But please notice that it might get extended to the upside even more. The intraday resistance at the level of 129.03 had been violated as well, but no H1 close occurred so far above this level. Currently, the market is hovering around the weekly pivot at the level of 128.41 and it is possibly waiting for important Fed's news later today. Please notice that the corrective cycle might get even more complex now and this had been indicated by labeling the top of the wave c green as wave (a) blue.

Support/Resistance:

126.89 - Technical Support

129.07 - Intraday Support

128.41 - Weekly Pivot

129.03 - Intraday Resistance

129.90 - WR1

130.69 - Intraday Resistance

131.59 - 50%Fibo

131.87 - Intraday Resistance

132.45 - 61%Fibo

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 129.03 is clearly violated with a minimum H1 closure above this level. SL should be placed below the level of 126.89 and TP should be placed at the level of 130.69 with a possible extension upward to the level of 131.87.