19.03.201411:36 Forex Analysis & Reviews: Technical analysis of EUR/JPY for March 19, 2014

General overview for 19/03/2014 09:20 CET

This pair is still in the range zone and the consolidation in this zone is getting more tight, complex and time consuming. The golden trendline is still providing the dynamic support for the price, so a breakout below this trendline is the key to the downside. Next green impulsive count invalidation line comes that would be broken as well as the market would extend the decline. On the other hand, in case of any upside continuation, the intraday resistance at the level of 141.96 must be broken and the test of the grey rectangle area will be made then.

Support/Resistance:

142.52 - WR1

142.20 - 142.30 - Key Level

141.97 - Intraday Resistance

141.48 - Weekly Pivot

141.05 - Intraday Support

140.38 - Invalidation Line

Trading recommendations:

Wait for the breakout and then:

- sell stop orders should be opened from the level of 140.72 with SL above the level of 141.95 and TP at the level of 140.33 with a possible downside extension to the level of 140.00.

- buy stop orders should be opened from the level of 142.01 with SL below the level of 141.48 and TP at the level of 142.30 with a possible upside extension to the level of 142.53 and 142.74.