Elliott wave analysis of EUR/JPY for April 10, 2014
April 10, 2014 8:25 am
Today’s Support and Resistance levels:
R3: 141.55
R2: 141.24
R1: 141.06
Current spot: 140.90
S1: 140.63
S2: 140.08
S3: 139.43
Technical summary:
The correction we had been looking for became smaller than expected and it indicated that wave one from 143.47 is not over yet; therefore we changed our count slightly. Now we are looking for the final decline in blue wave v towards 139.43 before red wave i is over and red wave ii higher to 141.89 is expected. In the short term we expect minor resistance at 141.24 to protect the upside for a break below 140.62 confirming the decline towards 139.43.
Trading recommendation:
We missed our entry point at 141.89. We will sell EUR at 141.20 with a stop at 141.60 and take profit at 139.55.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 141.55
R2: 141.24
R1: 141.06
Current spot: 140.90
S1: 140.63
S2: 140.08
S3: 139.43
Technical summary:
The correction we had been looking for became smaller than expected and it indicated that wave one from 143.47 is not over yet; therefore we changed our count slightly. Now we are looking for the final decline in blue wave v towards 139.43 before red wave i is over and red wave ii higher to 141.89 is expected. In the short term we expect minor resistance at 141.24 to protect the upside for a break below 140.62 confirming the decline towards 139.43.
Trading recommendation:
We missed our entry point at 141.89. We will sell EUR at 141.20 with a stop at 141.60 and take profit at 139.55.
The material has been provided by InstaForex Company – www.instaforex.com
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