Elliott wave analysis of EUR/JPY for April 30, 2014
April 30, 2014 6:40 am
Today’s support and resistance levels: R3: 141.80 R2: 141.69 R1: 141.47
Current Spot: 141.31
S1: 140.99 S2: 140.60 S3: 140.37
Technical summary: Red wave ii ended exactly at the 70.7% corrective target at 142.47 and the decline from 142.47 does look impulsive. We will now be looking for minor resistance at 141.47 to protect the upside for a decline towards at least 140.90 and we are likely to see an extension lower towards 140.35 before the next minor consolidation will be seen. At this point on a break above 141.80 will frustrate the overall bearish count.
Trading recommendation: Stay short EUR from 141.68 and move your stop lower to 142.50. If you are not short EUR yet, then sell near 141.47 with the same stop at 142.50.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 141.80
R2: 141.69
R1: 141.47
Current Spot: 141.31
S1: 140.99
S2: 140.60
S3: 140.37
Technical summary:
Red wave ii ended exactly at the 70.7% corrective target at 142.47 and the decline from 142.47 does look impulsive. We will now be looking for minor resistance at 141.47 to protect the upside for a decline towards at least 140.90 and we are likely to see an extension lower towards 140.35 before the next minor consolidation will be seen. At this point on a break above 141.80 will frustrate the overall bearish count.
Trading recommendation:
Stay short EUR from 141.68 and move your stop lower to 142.50. If you are not short EUR yet, then sell near 141.47 with the same stop at 142.50.
The material has been provided by InstaForex Company – www.instaforex.com
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