Elliott Wave Analysis of EUR/JPY for January 17, 2014
January 17, 2014 8:45 am
Today’s Support and Resistance levels:
R3: 142.71
R2: 142.40
R1: 142.16
Current Spot: 141.97
S1: 141.84
S2: 141.53
S3: 141.39
Technical summary:
It seems that wave ii ended just below our expected target between 143.09 – 143.17 as the top has been at 142.91. If the powerful wave iii has taken over we should see a decline to at least 134.47. In the short term we will be looking for minor resistance at 142.17 to protect the upside for a decline to 141.53 and maybe 141.39 before a correction back towards the 142.16 – 142.38 area before renewed downside pressure should be expected.
Trading recommendation:
We sold EUR at 142.35 and moved our stop lower to 142.95 and take profit at 141.60. If the take profit target is hit sell EUR again at 142.15.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.71
R2: 142.40
R1: 142.16
Current Spot: 141.97
S1: 141.84
S2: 141.53
S3: 141.39
Technical summary:
It seems that wave ii ended just below our expected target between 143.09 – 143.17 as the top has been at 142.91. If the powerful wave iii has taken over we should see a decline to at least 134.47. In the short term we will be looking for minor resistance at 142.17 to protect the upside for a decline to 141.53 and maybe 141.39 before a correction back towards the 142.16 – 142.38 area before renewed downside pressure should be expected.
Trading recommendation:
We sold EUR at 142.35 and moved our stop lower to 142.95 and take profit at 141.60. If the take profit target is hit sell EUR again at 142.15.
The material has been provided by InstaForex Company – www.instaforex.com
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