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Technical analysis of EUR/JPY for March 21, 2014

Profile photo of Wayne McDonell by Wayne McDonell
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General overview for 21/03/2014 07:00 CET

As I mentioned yesterday, the possibility of a triangle wave b red was very high and a downside breakout was anticipated. The key level to the upside is the level of 141.27 and any breakout higher above this level means that weekly pivot and even the intraday resistance level might be tested. On the other hand, if intraday support at the level of 140.81 is broken, then the next support comes at the level of 140.50. Please keep an eye on this level because it is very close to the invalidation line at the level of 140.33. In case invalidation line is violated, more of a downside wave progression is expected.

Support/Resistance:

141.96 – Intraday Resistance

141.48 – Weekly Pivot

141.27 – Key Level

140.81 – Intraday Support

140.33 – Invalidation Line

Trading recommendations:

Sell stop orders should be opened from the level of 140.79 with SL above the level of 141.27 and TP at the level of 140.33 with a possible downside extension.

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