FX.co ★ Technical analysis of EUR/JPY for March 11, 2014

General overview for 11/03/2014 08:00 CET:

The consolidation phase continues and the price action starts to look like a triangle wave (iv). The red trend line still provides the resistance and both intraday support and resistance levels are the same like yesterday. Bias is still to the downside for one more corrective sub-wave down and then the uptrend should resume for last fifth wave up.

Support/Resistance:

145.49 - WR1

143.78 - Wave (iii) green high

143.59 - Intraday resistance

142.85 - Intraday support

142.31 - Weekly pivot

140.86 - WS1

Trading recommendations:

Still buy stop orders should be opened from the level of 143.85, with SL below the level of 143.59 and TP at the level of 145.49 with a possible upside extension. In case of downside breakout below the level of 142.85, sell stop orders should be opened, with SL above the level of 143.59 and TP at the level of 142.51 and 142.31.