Elliott wave analysis of EUR/JPY for April 8, 2014
April 8, 2014 10:21 am
Today’s Support and Resistance levels:
R3: 142.01
R2: 141.62
R1: 141.40
Current spot: 141.22
S1: 141.14
S2: 140.82
S3: 140.63
Technical summary:
Blue wave iii ended a little earlier than expected and blue wave iv is developing. At this point, it is most likely that blue wave iv will evolve into a flat correction, which would call for another rally towards 142.01 before lower in blue wave v towards at least 141.00 and likely even lower towards 140.45. In the short term a break above minor resistance at 141.62 confirms that the final part of blue wave iv higher to 142.01 is developing.
Trading recommendation:
The stop at 141.70 was hit for a nice porfit. Sell EUR again at 141.90 with a stop at 142.35 and take profit at 140.65.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.01
R2: 141.62
R1: 141.40
Current spot: 141.22
S1: 141.14
S2: 140.82
S3: 140.63
Technical summary:
Blue wave iii ended a little earlier than expected and blue wave iv is developing. At this point, it is most likely that blue wave iv will evolve into a flat correction, which would call for another rally towards 142.01 before lower in blue wave v towards at least 141.00 and likely even lower towards 140.45. In the short term a break above minor resistance at 141.62 confirms that the final part of blue wave iv higher to 142.01 is developing.
Trading recommendation:
The stop at 141.70 was hit for a nice porfit. Sell EUR again at 141.90 with a stop at 142.35 and take profit at 140.65.
The material has been provided by InstaForex Company – www.instaforex.com
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