FX.co ★ Technical analysis of EUR/JPY for March 26, 2014

General overview for 26/03/2014 08:00 CET

Yesterday's intraday analysis worked very well and the pair declined to the anticipated target levels, but there is still no decision here and the market continues to trade in a range. Due to the correction getting more complex, I have labeled one more alternate count in shape of a possible double three correction instead of a triangle correction. From the upside the resistance is at the level of 141.97 and from the downside the support is at the level of 140.40. The market must break out above or below either direction to confirm the Elliott wave labeling. Bias is to the downside due to larger time frame cycles.

Support/Resistance:

141.97- Intraday Resistance

141.85 - WR1

141.50 - Red Trendline Resistance

141.13 - Weekly Pivot

140.72 - Intraday Support

140.40 - Technical Support

140.30 - WS1

Trading recommendations:

Sell stop orders should be opened from the level of 141.97 with SL above the level of 142.41 and TP at the level of 140.72 and 140.34.