Elliott Wave Analysis of EUR/JPY for February 3, 2014
February 3, 2014 8:55 am
Today’s Support and Resistance levels:
R3: 139.23
R2: 138.66
R1: 138.24
Current spot: 137.89
S1: 137.39
S2: 136.97
S3: 136.67
Technical summary:
We have finally seen a break below the base channel support line, which heralds acceleration lower. In the short term we will be looking for minor resistance at 138.32 to protect the upside for a continuation lower towards 136.67 as blue wave (iii) before blue wave (iv) takes over for a correction towards 137.93, and then the final blue wave (v) lower to 136.15 to end blue wave iii.
Trading recommendation:
Stay short from 141.80 and lower your stop to 138.95. If you are not short in EUR yet, then sell EUR near 137.93 with the same stop at 138.95.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 139.23
R2: 138.66
R1: 138.24
Current spot: 137.89
S1: 137.39
S2: 136.97
S3: 136.67
Technical summary:
We have finally seen a break below the base channel support line, which heralds acceleration lower. In the short term we will be looking for minor resistance at 138.32 to protect the upside for a continuation lower towards 136.67 as blue wave (iii) before blue wave (iv) takes over for a correction towards 137.93, and then the final blue wave (v) lower to 136.15 to end blue wave iii.
Trading recommendation:
Stay short from 141.80 and lower your stop to 138.95. If you are not short in EUR yet, then sell EUR near 137.93 with the same stop at 138.95.
The material has been provided by InstaForex Company – www.instaforex.com
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