13.03.201413:01 Forex Analysis & Reviews: Technical analysis of EUR/JPY for March 13, 2014

General overview for 13/03/2014 10:50 CET

The complex correction in wave (iv) green looks finished as the market is trying to resume the upward trend. The red trendline is broken now but the whole move upward lacks an impulsive wave progression, so there might still be a possibility that wave (iv) has not been completed yet. Currently, the market is in range area and bulls and bears are fighting over to take control: a breakout higher above the level of 143.36 is bullish, a breakout lower below the level of 142.83 is bearish. Time will show, patience is required now.

Support/Resistance:

143.78 - Swing high

143.36 - Intraday resistance

142.83 - Intraday support

142.31 - Weekly pivot

141.46 - Techncial support (weak)

Trading recommendations:

Trade the range breakout here:

- buy stop orders should be opened from the level of 143.41 with SL below the level of 142.83 and TP at the level of 143.78 with a possible upside extension.

- sell stop orders should be opened from the level of 142.79 with SL above the level of 143.36 and TP at the level of 142.31 with a possible downside extension to the level of 141.46.