Elliott Wave Analysis of EUR/JPY for January 21, 2014
January 21, 2014 11:15 am
Today’s Support and Resistance levels:
R3: 142.35
R2: 142.15
R1: 141.92
Current spot: 141.70
S1: 141.52
S2: 141.38
S3: 140.92
Technical summary:
We are now at the expected resistance levels we set out yesterday. In the short-term we could still see the test of resistance at 141.92, as long as support at 141.52 and more importantly as long as support at 141.34 protects the downside, but from 141.92 or upon a break below 141.34, we will see the next powerful decline in red wave iii towards 137.64 and possibly even lower towards 136.65.
Only an unexpected break above resistance at 142.91 will invalidate the bearish scenario above.
Trading recommendation:
We sold EUR at 141.85 with a stop at 142.95. If you are not short in EUR yet, then sell here or upon a break below 141.52 with the same stop at 142.95.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.35
R2: 142.15
R1: 141.92
Current spot: 141.70
S1: 141.52
S2: 141.38
S3: 140.92
Technical summary:
We are now at the expected resistance levels we set out yesterday. In the short-term we could still see the test of resistance at 141.92, as long as support at 141.52 and more importantly as long as support at 141.34 protects the downside, but from 141.92 or upon a break below 141.34, we will see the next powerful decline in red wave iii towards 137.64 and possibly even lower towards 136.65.
Only an unexpected break above resistance at 142.91 will invalidate the bearish scenario above.
Trading recommendation:
We sold EUR at 141.85 with a stop at 142.95. If you are not short in EUR yet, then sell here or upon a break below 141.52 with the same stop at 142.95.
The material has been provided by InstaForex Company – www.instaforex.com
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