Elliott wave analysis of EUR/JPY for January 13, 2014
January 13, 2014 9:15 am
Today’s support and resistance levels:В
R3: 141.94
R2: 141.81
R1: 141.67
Current spot: 141.46
S1: 141.08
S2: 140.59
S3: 139.99
Technical summary:
We have seen a clear break below the support level at 142.04, which confirms that the powerful wave iii lower is developing. We will normally be looking for extension in wave iii; therefore, we will be looking for wave iii to be at least 1.618 times longer than wave i, which gives us a wave iii target at 136.43. Correction within wave iii tends to be small or even sub-normal. This is the wave we want to be trading as it is the one where we will normally gain the biggest reward.
In the short term we will be looking for resistance near 141.65 and strong resistance near 142.00.
Trading recommendation:
Stay short from 143.05 and move stop lower to 142.55. If you are not short inВ EUR yet (already is not used in this way), then sell near 141.65 with the same stop.В В
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support
and resistance levels:В
R3: 141.94
R2: 141.81
R1: 141.67
Current spot: 141.46
S1: 141.08
S2: 140.59
S3: 139.99
Technical summary:
We have seen a clear break below the support level at
142.04, which
confirms that the
powerful wave iii lower is developing. We will normally be looking for
extension in wave iii;
therefore, we will be looking for wave iii to be at least 1.618 times longer
than wave i, which gives us a wave iii target at 136.43. Correction within wave iii tends to be small or even sub-normal. This is the wave we want to be
trading as it is the one where we will normally gain the biggest reward.
In the short
term we will be looking for resistance near 141.65
and strong resistance near 142.00.
Trading recommendation:
Stay short from 143.05 and move stop lower to
142.55. If you are not short inВ EUR yet (already is not used in this way), then
sell near 141.65 with the same stop.В В
The material has been provided by InstaForex Company – www.instaforex.com
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