FX.co ★ Technical analysis of EUR/JPY for March 18, 2014

General overview for 18/03/2014 08:30 CET

The market is currently trading in the range zone and traders should wait for a breakout in either direction. Two levels are here to keep an eye on them. To the upside the most important intraday level is in the 142.20 - 142.30 zone and a breakout above this level is bullish. To the downside the most important level is 141.33 and a breakout below this level means the golden trendline will be tested and possibly broken. Moreover, the impulsive green count will be invalidated if the black invalidation line is violated as well and alternate count will be in play.

Support/Resistance:

142.52 - WR1

142.20 - 142.30 - Key Level

141.95 - Intraday Resistance

141.45 - Weekly Pivot

141.33 - Intraday Support

140.38 - Invalidation Line

Trading recommendations:

Sell stop orders should be opened from the level of 141.29 with SL above the level of 141.95 and TP at the level 140.33.