Elliott wave analysis of EUR/JPY for February 27, 2014
February 27, 2014 8:05 am
Today’s Support and Resistance levels:
R3: 140.98
R2: 140.78
R1: 140.29
Current spot: 140.09
S1: 139.87
S2: 139.65
S3: 139.18
Technical summary:
Over the last couple of days the expected pattern has changed into a possible larger triangle, where we have seen the first three waves and it is currently working on the d wave higher towards 140.98 before the final e wave lower. Once this e wave is in place, we should see a break towards the upside, but for now we need to pay close attention to the final two legs of the triangle. In the short term we will be looking for a break above minor resistance at 140.29 to confirm that wave d is developing for a move closer to 140.98.
Trading receommendation:
We will stay neutral for now, but we will sell EUR at 142.00.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 140.98
R2: 140.78
R1: 140.29
Current spot: 140.09
S1: 139.87
S2: 139.65
S3: 139.18
Technical summary:
Over the last couple of days the expected pattern has changed into a possible larger triangle, where we have seen the first three waves and it is currently working on the d wave higher towards 140.98 before the final e wave lower. Once this e wave is in place, we should see a break towards the upside, but for now we need to pay close attention to the final two legs of the triangle. In the short term we will be looking for a break above minor resistance at 140.29 to confirm that wave d is developing for a move closer to 140.98.
Trading receommendation:
We will stay neutral for now, but we will sell EUR at 142.00.
The material has been provided by InstaForex Company – www.instaforex.com
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