Elliott Wave analysis of EUR/JPY for January 16, 2014
January 16, 2014 8:15 am
Today’s Support and Resistance levels:
R3: 143.52
R2: 143.09
R1: 142.85
Current Spot: 142.66
S1: 142.35
S2: 141.79
S3: 141.48
Technical summary:
The wave ii correction, we expected, is unfolding nicely and we will be looking for resistance in the 143.09 – 143.17 area to halt the correction and turn prices down in wave iii. From 143.17 or upon a break below 142.35 wave iii should decline towards at least 137.48 and likely even lower towards 134.62.
In the short term we expect support at 142.35 will protect the downside for the final rally higher into the resistance area between 143.09 – 143.17В
Trading recommendation:
We will sell EUR at 143.05 or upon a break below 142.35 (one order done cancels the other). Stop will be placed at 145.70, but expect to be able to move it lower quickly.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 143.52
R2: 143.09
R1: 142.85
Current Spot: 142.66
S1: 142.35
S2: 141.79
S3: 141.48
Technical summary:
The wave ii correction, we expected, is unfolding nicely and we will be looking for resistance in the 143.09 – 143.17 area to halt the correction and turn prices down in wave iii. From 143.17 or upon a break below 142.35 wave iii should decline towards at least 137.48 and likely even lower towards 134.62.
In the short term we expect support at 142.35 will protect the downside for the final rally higher into the resistance area between 143.09 – 143.17В
Trading recommendation:
We will sell EUR at 143.05 or upon a break below 142.35 (one order done cancels the other). Stop will be placed at 145.70, but expect to be able to move it lower quickly.
The material has been provided by InstaForex Company – www.instaforex.com
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