17.03.201413:23 Forex Analysis & Reviews: Technical analysis of EUR/JPY for March 17, 2014

Long-term review

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General overview for 17/03/2014 11:11 CET

The bullish impulsive count has almost been invalidated due to the very deep retrace in wave (iv) green in shape of irregular flat (a)(b)(c) pattern. Currently, the market is trying to bounce higher and test the key level of recent support breakout at the level of 142.20. In case of failure here, the market should fall farther down and break the golden trendline to invalidate the impulsive count.

On higher time frames, the count is getting more complex now with the alternate labeling provided on H4 time frame. There is still a possibility that the price is in wave 4 purple triangle and traders can see more of the whipsaw price action that is typical for triangle formation.

Support/Resistance:

143.78 - Swing High

143.68 - Technical Resistance

142.53 - WR1

142.20 - 142.30 - Key Level

141.68 - Intraday Resistance

141.48 - Weekly Pivot

140.38 - Invalidation Line

139.36 - WS1

Trading recommendations:

Buy stop orders should be opened from the level of 141.71 with SL below the level of 140.85 and TP at the level 142.20.

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