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.

The material has been provided by InstaForex Company – www.instaforex.com