Elliott wave analysis of EUR/JPY for April 29, 2014
April 29, 2014 11:20 am
Today’s Support and Resistance levels:
R3: 143.20
R2: 142.73
R1: 142.47
Current spot: 142.38
S1: 141.98
S2: 141.68
S3: 140.99
Technical summary:
The break above resistance at 141.99 has changed our short term count slightly. Instead of red wave ii being in place at 142.00 it has extended towards the 70.7% corrective target at 142.47. As long as support at 141.98 protects the downside, it could even extend a little further towards 142.72 before renewed downside pressure should be expected. However, a break below support at 141.98 will be the first indication, that red wave ii is over and red wave iii lower towards 136.55 is ready to take over.
Trading recommendation:
Stay short in EUR from 141.68 and keep your stop at 143.50. If you are not short in EUR yet, then sell near 142.47 with the same stop at 143.50.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 143.20
R2: 142.73
R1: 142.47
Current spot: 142.38
S1: 141.98
S2: 141.68
S3: 140.99
Technical summary:
The break above resistance at 141.99 has changed our short term count slightly. Instead of red wave ii being in place at 142.00 it has extended towards the 70.7% corrective target at 142.47. As long as support at 141.98 protects the downside, it could even extend a little further towards 142.72 before renewed downside pressure should be expected. However, a break below support at 141.98 will be the first indication, that red wave ii is over and red wave iii lower towards 136.55 is ready to take over.
Trading recommendation:
Stay short in EUR from 141.68 and keep your stop at 143.50. If you are not short in EUR yet, then sell near 142.47 with the same stop at 143.50.
The material has been provided by InstaForex Company – www.instaforex.com
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