Elliott wave analysis of EUR/JPY for December 9, 2013
December 9, 2013 7:15 am
Today’s Support and Resistance levels:
R3: 143.60
R2: 142.38
R1: 141.74
Current Spot: 141.07
S1: 140.82
S2: 140.37
S3: 140.00
Technical summary:
With the rally above 139.60, we knew that one more new high above 140.02 was needed. However, the rally we saw was much stronger than expected. Looking at the rally from the 131.20 low, we now have a clear five wave rally and is close to a top, but likely not quite there yet.
In the short term we are looking for support at 140.82, which would likely be strong enough to protect the downside for one more new high closer to 142.38 and maybe even closer to 143.60, before the top is finally in place. Only a break below 139.56 will indicate that the top is already in place and call for a much deeper correction towards 124.92.
Trading recommendation:
Our stop was hit for a small loss. As we are in the final stages of this rally, we will only be looking for EUR-shorting opportunities. We will place a sell order at 143.40 or upon a break below 139.56 (say at 139.50).
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 143.60
R2: 142.38
R1: 141.74
Current Spot: 141.07
S1: 140.82
S2: 140.37
S3: 140.00
Technical summary:
With the rally above 139.60, we knew that one more new high above 140.02 was needed. However, the rally we saw was much stronger than expected. Looking at the rally from the 131.20 low, we now have a clear five wave rally and is close to a top, but likely not quite there yet.
In the short term we are looking for support at 140.82, which would likely be strong enough to protect the downside for one more new high closer to 142.38 and maybe even closer to 143.60, before the top is finally in place. Only a break below 139.56 will indicate that the top is already in place and call for a much deeper correction towards 124.92.
Trading recommendation:
Our stop was hit for a small loss. As we are in the final stages of this rally, we will only be looking for EUR-shorting opportunities. We will place a sell order at 143.40 or upon a break below 139.56 (say at 139.50).
The material has been provided by InstaForex Company – www.instaforex.com
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