Elliott wave analysis of EUR/JPY for August 12, 2014
August 12, 2014 8:20 am
Today’s support and resistance levels:
R3: 137.06
R2: 136.88
S1: 136.75
Current spot: 136.70
S1: 1.3663
S2: 136.50
S3: 136.24
Technical summary:
We are still looking for the correction in wave iv to unfold closer to resistance at 138.00. However in the short term, we do see the possibility for a minor reaction lower to 136.24 before the next part of the correction taking us closer to resistance near 138.00 to end wave iv. Once wave iv is in place close to 138.00, we should expect the final decline towards 134.34, where wave C will equal wave A in length.
Trading recommendation:
We are looking for a EUR buying opportunity at 136.30 with a stop at 135.70 and take profit will be place at 137.75 if our order is filled.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.06
R2: 136.88
S1: 136.75
Current spot: 136.70
S1: 1.3663
S2: 136.50
S3: 136.24
Technical summary:
We are still looking for the correction in wave iv to unfold closer to resistance at 138.00. However in the short term, we do see the possibility for a minor reaction lower to 136.24 before the next part of the correction taking us closer to resistance near 138.00 to end wave iv. Once wave iv is in place close to 138.00, we should expect the final decline towards 134.34, where wave C will equal wave A in length.
Trading recommendation:
We are looking for a EUR buying opportunity at 136.30 with a stop at 135.70 and take profit will be place at 137.75 if our order is filled.
The material has been provided by InstaForex Company – www.instaforex.com
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