FX.co ★ 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.