Elliott wave analysis of EUR/JPY for February 14, 2014
February 14, 2014 12:30 pm
Today’s Support and Resistance levels:
R3: 140.30
R2: 140.07
R1: 139.99
Current spot: 139.45
S1: 139.21
S2: 138.88
S3: 138.17
Technical summary:
We are still not impressed with the wave behavior, but we are getting close to an important decision point, which will determine whether we are looking at red wave (iii) lower towards 132.13. If this is the case we should see a break below support at 139.21 or whether we are looking at an x-wave in case of a break above resistance at 140.07 for a rally higher towards 142.92 and possibly even higher towards the top at 145.69 in a flat correction.
Stay short in EUR from 140.00 and move your stop lower to 140.10. If you are not short in EUR yet, then sell EUR upon a break below 138.98 with the same stop at 140.10.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 140.30
R2: 140.07
R1: 139.99
Current spot: 139.45
S1: 139.21
S2: 138.88
S3: 138.17
Technical summary:
We are still not impressed with the wave behavior, but we are getting close to an important decision point, which will determine whether we are looking at red wave (iii) lower towards 132.13. If this is the case we should see a break below support at 139.21 or whether we are looking at an x-wave in case of a break above resistance at 140.07 for a rally higher towards 142.92 and possibly even higher towards the top at 145.69 in a flat correction.
Stay short in EUR from 140.00 and move your stop lower to 140.10. If you are not short in EUR yet, then sell EUR upon a break below 138.98 with the same stop at 140.10.
The material has been provided by InstaForex Company – www.instaforex.com
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