Elliott wave analysis of EUR/JPY for December 13, 2013
December 13, 2013 9:15 am
Today’s Support and Resistance levels:
R3: 143.88
R2: 143.22
R1: 142.81
Current Spot: 142.50
S1: 142.20
S2: 141.94
S3: 141.39
Technical summary:
We have seen the expected rally towards 143.22 (the high till now has been 142.81). We are now in the very last part of the rally from 94.10. Only a break below 142.12 will indicate, that the top is already in place, but a break below 140.91 confirms, that wave v of 5 of I is in place and wave II lower towards at least 124.95 is taking over.
However as long as support at 142.12 protects the downside, we could see a little more upside to 143.22 (our ideal target). Even a spike above 143.22 can not be ruled out, but it should be short lived.
Trading recommendation:
We will sell EUR at 143.00 or upon a break below 142.12.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 143.88
R2: 143.22
R1: 142.81
Current Spot: 142.50
S1: 142.20
S2: 141.94
S3: 141.39
Technical summary:
We have seen the expected rally towards 143.22 (the high till now has been 142.81). We are now in the very last part of the rally from 94.10. Only a break below 142.12 will indicate, that the top is already in place, but a break below 140.91 confirms, that wave v of 5 of I is in place and wave II lower towards at least 124.95 is taking over.
However as long as support at 142.12 protects the downside, we could see a little more upside to 143.22 (our ideal target). Even a spike above 143.22 can not be ruled out, but it should be short lived.
Trading recommendation:
We will sell EUR at 143.00 or upon a break below 142.12.
The material has been provided by InstaForex Company – www.instaforex.com
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