Technical analysis of EUR/JPY for March 25, 2014 Trend News

General overview for 25/03/2014 11:30 CET

The correction is getting more complex and time consuming, but the triangle pattern is still the most probable one. Nevertheless, the market is still raging between two important levels. From the upside the resistance is at the level of 141.97 and from the downside the support is at the level of 140.40. The market must breakout above or below either direction to confirm the Elliott wave labeling. Bias is to the downside due to larger time frame cycles.

Support/Resistance:

141.97- Intraday Resistance

141.85 - WR1

141.50 - Red Trendline Resistance

141.13 - Weekly Pivot

140.72 - Intraday Support

140.40 - Technical Support

140.30 - WS1

Trading recommendations:

Sell stop orders should be opened from the level of 141.50 with SL above the level of 141.86 and TP at the level of 140.72 and 140.34.

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



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