Elliott wave analysis of EUR/JPY for February 28, 2014
February 28, 2014 8:15 am
Today’s Support and Resistance levels:
R3: 142.07
R2: 141.27
R1: 140.29
Current spot: 139.47
S1: 138.68
S2: 137.55
S3: 136.22
Technical summary:
The downside pressure has been stronger than we expected, therefore we have to consider the possibility that wave b of the decline from 145.69 already is in place and wave c lower towards 126.00 is developing. In the short term a break below support at 138.68 is needed to confirm that wave b is indeed in place and wave c developing. However, as long as support at 138.68 is protecting the downside there is a possibility that one last rally closer to 142.26 will be seen.
Trading кecommendation:
We will sell EUR at 142.00 or upon a break below 138.65.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.07
R2: 141.27
R1: 140.29
Current spot: 139.47
S1: 138.68
S2: 137.55
S3: 136.22
Technical summary:
The downside pressure has been stronger than we expected, therefore we have to consider the possibility that wave b of the decline from 145.69 already is in place and wave c lower towards 126.00 is developing. In the short term a break below support at 138.68 is needed to confirm that wave b is indeed in place and wave c developing. However, as long as support at 138.68 is protecting the downside there is a possibility that one last rally closer to 142.26 will be seen.
Trading кecommendation:
We will sell EUR at 142.00 or upon a break below 138.65.
The material has been provided by InstaForex Company – www.instaforex.com
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