Elliott wave analysis of EUR/JPY for December 17, 2013
December 17, 2013 8:15 am
Today’s Support and Resistance levels:
R3: 142.83
R2: 142.42
R1: 142.12
Current Spot: 141.82
S1: 141.70
S2: 141.21
S3: 140.90
Technical summary:
As we still have not seen a break below 140.91; therefore, it is still an open question whether we have an important top in place. As long as important support at 140.91 stays unbroken, the underlying uptrend stays intact. That said, we still prefer an important top being in place at 142.83 and will be looking for minor resistance near 142.15 protecting the upside for the break below 140.91 confirming the top.
In the short term we will be looking for minor resistance near 142.15 to protect the upside for the break below 140.91, but we will stay flexible to whatever the price action tells us.
Trading recommendation:
Our stop at 141.70 was hit for a small profit. We will sell EUR at 142.15 or upon a break below 141.70 and place stop at 142.90.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.83
R2: 142.42
R1: 142.12
Current Spot: 141.82
S1: 141.70
S2: 141.21
S3: 140.90
Technical summary:
As we still have not seen a break below 140.91; therefore, it is still an open question whether we have an important top in place. As long as important support at 140.91 stays unbroken, the underlying uptrend stays intact. That said, we still prefer an important top being in place at 142.83 and will be looking for minor resistance near 142.15 protecting the upside for the break below 140.91 confirming the top.
In the short term we will be looking for minor resistance near 142.15 to protect the upside for the break below 140.91, but we will stay flexible to whatever the price action tells us.
Trading recommendation:
Our stop at 141.70 was hit for a small profit. We will sell EUR at 142.15 or upon a break below 141.70 and place stop at 142.90.
The material has been provided by InstaForex Company – www.instaforex.com
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