FX.co ★ Technical analysis of EUR/JPY for March 31, 2014

General overview for 31/03/2014 10:50 CET

The triangle wave X idea failed after market rally last Friday, so the count has been modified. The current structure is more complex in time and price wave (b) blue and current wave progression looks like (a)(b)(c) Irregular Flat wave X black. The key level to the upside is grey rectangle area between the levels of 142.22-142.30. As there is a longer term red descending trendline, gold ascending trendline and WR1 pivot level, it makes this zone very important for a future price development. Any breakout higher above this level would indicate the last swing high at the level of 143.79 will be tested. On the other hand, bears need to break below the level of 141.26 to confirm a bulls failure.

Support/Resistance:

144.38 - WR3

143.79 - Swing High

143.13 - WR2

142.46 - WR1

142.22 - 142.30 - Key Level

141.66 - Intraday Support

141.26 - Key Level for Bears

141.22 - Weekly Pivot

140.55 - WS1

Trading Recommendations:

Sell Limit orders should be opened from the level of 142.22 with SL above the level of 142.31 and TP at the level of141.96 and 141.66.