Elliott wave analysis of EUR/JPY for February 21, 2014
February 21, 2014 12:15 pm
Today’s Support and Resistance levels:
R3: 141.87
R2: 141.26
R1: 140.87
Current Spot: 140.60
S1: 140.20
S2: 139.99
S3: 139.80
Technical summary:
Important support at 138.95 protected the downside and has kept the correction from 136.23 alive and we should still be looking for a rally higher towards 142.26. In the short term we are likely to see resistance at 140.87 holding a minor correction towards 139.80 before the next rally higher towards the ideal target at 142.26. Once this correction is over we should see renewed downside pressure for a decline towards the 38.2% corrective target for the rally from the 94.10 low to the 145.69 high.
Trading recommendation:
Our stop at 139.95 was hit for a small loss. We will stay neutral and wait to sell EUR at 142.00.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 141.87
R2: 141.26
R1: 140.87
Current Spot: 140.60
S1: 140.20
S2: 139.99
S3: 139.80
Technical summary:
Important support at 138.95 protected the downside and has kept the correction from 136.23 alive and we should still be looking for a rally higher towards 142.26. In the short term we are likely to see resistance at 140.87 holding a minor correction towards 139.80 before the next rally higher towards the ideal target at 142.26. Once this correction is over we should see renewed downside pressure for a decline towards the 38.2% corrective target for the rally from the 94.10 low to the 145.69 high.
Trading recommendation:
Our stop at 139.95 was hit for a small loss. We will stay neutral and wait to sell EUR at 142.00.
The material has been provided by InstaForex Company – www.instaforex.com
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