Elliott Wave analysis of EUR/JPY for January 10, 2014
January 10, 2014 8:30 am
Today’s Support and Resistance levels:
R3: 143.52
R2: 143.17
R1: 143.03
Current Spot: 142.83
S1: 142.56
S2: 142.26
S3: 142.04
Technical summary:
We still think we are in the very early parts of the powerful wave iii lower towards at least 136.43. That said, we need to see the downside challenged soon, otherwise the risk turns towards a slightly bigger correction as wave ii unfolding towards 143.52, which a break above 143.03 will confirm. However, a break below support at 142.56 will indicate renewed downside pressure for a decline towards 142.04 and lower towards 141.50 on the way lower towards 136.43.
Trading recommendation:
Stay short in EUR from 143.00 and move stop lower to 143.05. If the stop is taken out then sell again at 143.40. If you are not short, your already then sell upon a break below 142.56 with a stop at 143.05.В
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 143.52
R2: 143.17
R1: 143.03
Current Spot: 142.83
S1: 142.56
S2: 142.26
S3: 142.04
Technical summary:
We still think we are in the very early parts of the powerful wave iii lower towards at least 136.43. That said, we need to see the downside challenged soon, otherwise the risk turns towards a slightly bigger correction as wave ii unfolding towards 143.52, which a break above 143.03 will confirm. However, a break below support at 142.56 will indicate renewed downside pressure for a decline towards 142.04 and lower towards 141.50 on the way lower towards 136.43.
Trading recommendation:
Stay short in EUR from 143.00 and move stop lower to 143.05. If the stop is taken out then sell again at 143.40. If you are not short, your already then sell upon a break below 142.56 with a stop at 143.05.В
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: