Elliott Wave analysis of EUR/JPY for January 14, 2014
January 14, 2014 11:15 am
Today’s Support and Resistance levels:
R3: 142.02
R2: 141.78
R1: 141.49
Current spot: 141.31
S1: 141.09
S2: 140.79
S3: 140.49
Technical summary:
We are clearly in wave iii lower and should see resistance at 141.49 protect the upside for the next decline lower towards 139.89. Looking at the larger picture (please see the chart below), we have a clear five wave rally of the 94.10 low to the 145.69 top. For the coming weeks/months we will be looking for a major correction towards the 38.2% corrective target at 125.99, but already at the 23.6% corrective target В at 133.52 strong support will be meet.
Trading recommendation:
Stay short from 143.05 and move the stop lower to 142.10. If you are not short in EUR yet, then sell EUR near 141.49 with the same stop at 142.10.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.02
R2: 141.78
R1: 141.49
Current spot: 141.31
S1: 141.09
S2: 140.79
S3: 140.49
Technical summary:
We are clearly in wave iii lower and should see resistance at 141.49 protect the upside for the next decline lower towards 139.89. Looking at the larger picture (please see the chart below), we have a clear five wave rally of the 94.10 low to the 145.69 top. For the coming weeks/months we will be looking for a major correction towards the 38.2% corrective target at 125.99, but already at the 23.6% corrective target В at 133.52 strong support will be meet.
Trading recommendation:
Stay short from 143.05 and move the stop lower to 142.10. If you are not short in EUR yet, then sell EUR near 141.49 with the same stop at 142.10.
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