Elliott Wave Analysis of EUR/JPY for January 28, 2014
January 28, 2014 9:25 am
Today’s Support and Resistance levels:
R3: 141.43
R2: 141.03
R1: 140.70
Current Spot: 140.44
S1: 140.12
S2: 139.68
S3: 139.15
Technical summary:
As expected the resistance in the 140.50 – 140.78 (the high has been 140.70) protected the upside, but we still need a break below support at 139.68 to confirm that a top is in place and the next strong impulsive wave lower is developing. As long as support at 140.13 stays unbroken we could see a move slightly higher towards 140.78 before lower.
In the short term a break below 140.13 will be the first indication that the next powerful decline is developing, while a break below 139.68 confirms the top for a decline towards 135.39.
Trading recommendation:
Stay short in EUR from 141.85 with stop at 141.80. If you are not short in EUR yet, then sell EUR near 140.78 or upon a break below 140.13 with the same stop at 141.80.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 141.43
R2: 141.03
R1: 140.70
Current Spot: 140.44
S1: 140.12
S2: 139.68
S3: 139.15
Technical summary:
As expected the resistance in the 140.50 – 140.78 (the high has been 140.70) protected the upside, but we still need a break below support at 139.68 to confirm that a top is in place and the next strong impulsive wave lower is developing. As long as support at 140.13 stays unbroken we could see a move slightly higher towards 140.78 before lower.
In the short term a break below 140.13 will be the first indication that the next powerful decline is developing, while a break below 139.68 confirms the top for a decline towards 135.39.
Trading recommendation:
Stay short in EUR from 141.85 with stop at 141.80. If you are not short in EUR yet, then sell EUR near 140.78 or upon a break below 140.13 with the same stop at 141.80.
The material has been provided by InstaForex Company – www.instaforex.com
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