Elliott Wave analysis of EUR/JPY for December 27, 2013
December 27, 2013 11:30 am
Today’s Support and Resistance levels:
R3: 145.62
R2: 145.13
R1: 144.73
Current Spot: 144.49
S1: 144.24
S2: 143.61
S3: 143.29
Technical summary:
Trying to pick the top has proven to be a hard nut to crack. However, the upside should be limited from here. We will likely not see more than 144.73 tested, but to indicate, that the top is in place a break below 143.61 is needed. However only a break below 140.98 confirms, that the top of wave 5 is in place and that a major correction towards at least 124.95 id developing.
Short term we will be looking for a move closer to resistance at 144.73 as long as support at 144.24 protects the downside.
Trading recommendation:
Our stop at 144.15 was hit for a loss. We will sell EUR upon a break below 144.24 with a stop just above the top set before the break.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 145.62
R2: 145.13
R1: 144.73
Current Spot: 144.49
S1: 144.24
S2: 143.61
S3: 143.29
Technical summary:
Trying to pick the top has proven to be a hard nut to crack. However, the upside should be limited from here. We will likely not see more than 144.73 tested, but to indicate, that the top is in place a break below 143.61 is needed. However only a break below 140.98 confirms, that the top of wave 5 is in place and that a major correction towards at least 124.95 id developing.
Short term we will be looking for a move closer to resistance at 144.73 as long as support at 144.24 protects the downside.
Trading recommendation:
Our stop at 144.15 was hit for a loss. We will sell EUR upon a break below 144.24 with a stop just above the top set before the break.
The material has been provided by InstaForex Company – www.instaforex.com
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