Technical analysis of EUR/JPY for March 7, 2014 – MT5.com
Technical analysis of EUR/JPY for March 7, 2014
General overview for 07/03/2014 09:00 CET
The NFP data is on tap today and currently price is at the key level. As I had mentioned yesterday any breakout to the upside above the grey rectangle area is bullish. Moreover, test of the last swing high at the level of 145.68 will be in view, maybe not today after the data release, but soon next week. On the other hand, in case of a failure, the most important level to the downside is at the level of 141.27. Only a sustained breakout below this level would suggest the alternate count is in play.
Support/Resistance:
145.68 – Swing high
143.27 – WR3
142.93 – 143.15 – Supply zone
142.18 – WR2
141.27 – Technical support
140.95 – WR1
139.78 – Weekly pivot
Trading recommendations:
As long as the key level will act as a resistance sell orders should be opened from the level as close to the 143.00 as possible, with SL above the level of 143.28 and TP at the level of 141.27. In case of upside breakout above the key level, buy orders should be opened from the level of 143.28 with SL below the level of 142.93 and TP at the level of 144.58.
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analytical expert: Sebastian SeligaInstaForex Group © 2007-2014
Published:
2014-03-07 09:15:41 UTC+00 2 days, 14 hours, 53 min. ago
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Technical analysis of EUR/JPY for March 7, 2014 – MT5.com
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