Elliott wave analysis of EUR/JPY for December 12, 2013
December 12, 2013 9:45 am
Today’s Support and Resistance levels:
R3: 143.22
R2: 142.78
R1: 142.34
Current Spot: 141.81
S1: 141.33
S2: 140.95
S3: 140.40
Technical summary:
Support at 140.99 did more or less protect the downside as we expected. We did see a slight dip below 140.99, but it was not sustained and we are now in the final rally higher towards 142.34 as the first target for this final wave v of 5, however we could easily see an extension higher towards 142.78 and 143.22 as the final top of wave 5 and I. Once the top is in place we should see the beginning of a major correction, which time- and pricewise will be the biggest we have seen since the 94.10 low. The minimum target for this correction will be at 124.95, but it could move lower towards 118.72.
However, for now we should stay focused towards the upside for the final new high above 142.17, but once this high is broken a top could be in place any time.
Trading recommendation:
We will sell EUR at 143.00 or upon a break below 141.33.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 143.22
R2: 142.78
R1: 142.34
Current Spot: 141.81
S1: 141.33
S2: 140.95
S3: 140.40
Technical summary:
Support at 140.99 did more or less protect the downside as we expected. We did see a slight dip below 140.99, but it was not sustained and we are now in the final rally higher towards 142.34 as the first target for this final wave v of 5, however we could easily see an extension higher towards 142.78 and 143.22 as the final top of wave 5 and I. Once the top is in place we should see the beginning of a major correction, which time- and pricewise will be the biggest we have seen since the 94.10 low. The minimum target for this correction will be at 124.95, but it could move lower towards 118.72.
However, for now we should stay focused towards the upside for the final new high above 142.17, but once this high is broken a top could be in place any time.
Trading recommendation:
We will sell EUR at 143.00 or upon a break below 141.33.
The material has been provided by InstaForex Company – www.instaforex.com
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