Elliott wave analysis of EUR/JPY for December 16, 2013
December 16, 2013 8:15 am
Today’s Support and Resistance levels:
R3: 142.15
R2: 141.93
R1: 141.73
Current Spot: 141.46
S1: 141.20
S2: 141.91
S3: 140.79
Technical summary:
With the break below 142.15 we had the first strong indication, that an important top is in place at 142.83. However, we still need a break below 140.91 to confirm, that the top of wave v of 5 is in place and that a major correction towards at least 124.95 is developing.
In the short term we will be looking for a move closer to 140.91 (likely not a break below in the first attempt) followed by a correction higher towards 142.15, form where we should see renewed downside pressure and this time a clear break below important support at 140.91.
Trading recommendation:
Stay short from 142.12. Place stop at 141.70 and take profit at 141.12. Re-sell EUR at 142.15 and place stop at 142.90.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.15
R2: 141.93
R1: 141.73
Current Spot: 141.46
S1: 141.20
S2: 141.91
S3: 140.79
Technical summary:
With the break below 142.15 we had the first strong indication, that an important top is in place at 142.83. However, we still need a break below 140.91 to confirm, that the top of wave v of 5 is in place and that a major correction towards at least 124.95 is developing.
In the short term we will be looking for a move closer to 140.91 (likely not a break below in the first attempt) followed by a correction higher towards 142.15, form where we should see renewed downside pressure and this time a clear break below important support at 140.91.
Trading recommendation:
Stay short from 142.12. Place stop at 141.70 and take profit at 141.12. Re-sell EUR at 142.15 and place stop at 142.90.
The material has been provided by InstaForex Company – www.instaforex.com
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