Technical Analysis of EUR/JPY for March 8, 2016
General overview for 08/03/2016:
The market is still trading inside of the neutral zone and there is still a chance for a possible leading diagonal structure to develop. This scenario is valid as long as the level of 123.09 is not violated. In case of violation, the odds of a downtrend resuming are high and a new low might be reached.
Support/Resistance:
127.99 - WR2
126.90 - WR1
125.55 - Intraday Resistance
124.48 - Weekly Pivot
124.25 - Intraday Support
123.41 - WS1
123.09 - Intraday Support
122.06 - Swing Low
Trading recommendations:
Buy stop orders triggered after the breakout of the level of 125.00 were profitable for some time, but currently they should be closed. Day traders should refrain from trading and wait for a better trading setup to occur in the near term.
The material has been provided by InstaForex Company - www.instaforex.com
