Elliott Wave analysis of EUR/JPY for December 23, 2013
December 23, 2013 10:30 am
Today’s Support and Resistance levels:
R3: 142.89
R2: 142.74
R1: 142.49
Current Spot: 142.36
S1: 142.25
S2: 141.86
S3: 141.41
Technical summary:
Do we have an important top in place at 142.89 or are we just consolidating for one last rally higher towards 143.25? It is still an open question. No matter what the outcome will be, we are in the very last part of the rally of the June 24 – 2012 low at 94.10. That said we do need a break below important short term support at 140.94 to confirm, that the top is in place and that a major correction has taken over for a decline towards at least 124.92 and likely lower towards 118.71.
In the short term we will be looking for resistance at 142.49, which ideally will protect the upside for a break below support at 142.08 indicating a decline towards 141.41 and lower towards 140.94. However, a break above 142.49 will give us a new test of resistance at 142.89 on the way towards 143.24.
Trading recommendation:
Stay short in EUR from 141.70 and move your stop lower to 142.75. If you are not short in EUR, then sell upon a break below 142.49 with the same stop at 142.75.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.89
R2: 142.74
R1: 142.49
Current Spot: 142.36
S1: 142.25
S2: 141.86
S3: 141.41
Technical summary:
Do we have an important top in place at 142.89 or are we just consolidating for one last rally higher towards 143.25? It is still an open question. No matter what the outcome will be, we are in the very last part of the rally of the June 24 – 2012 low at 94.10. That said we do need a break below important short term support at 140.94 to confirm, that the top is in place and that a major correction has taken over for a decline towards at least 124.92 and likely lower towards 118.71.
In the short term we will be looking for resistance at 142.49, which ideally will protect the upside for a break below support at 142.08 indicating a decline towards 141.41 and lower towards 140.94. However, a break above 142.49 will give us a new test of resistance at 142.89 on the way towards 143.24.
Trading recommendation:
Stay short in EUR from 141.70 and move your stop lower to 142.75. If you are not short in EUR, then sell upon a break below 142.49 with the same stop at 142.75.
The material has been provided by InstaForex Company – www.instaforex.com
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