Elliott Wave Analysis of EUR/JPY for January 29, 2014
January 29, 2014 8:05 am
Today’s Support and Resistance levels:
R3: 142.42
R2: 141.80
R1: 141.36
Current spot: 141.16
S1: 140.77
S2: 140.29
S3: 139.79
Technical summary:
The correction from 139.15 has extended as it has turned into a triple zig-zag correction, but we should be very close to the end of the correction. We expect the correction (blue wave ii) to end near 141.36. To indicate that the correction is over, we need a break below minor support at 140.77 and more importantly a break below 140.29 that confirms that blue wave iii is over and blue wave iii lower is developing for a decline towards at least 136.15.
In the longer term we are looking for a much deeper correction, but we will have to remember, that correction can be rather unpredictable as they evolve.
Trading recommendation:
Stay short in EUR from 141.85 with your stop at 141.80. If you are not short in EUR yet, then sell EUR near 141.36 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: 142.42
R2: 141.80
R1: 141.36
Current spot: 141.16
S1: 140.77
S2: 140.29
S3: 139.79
Technical summary:
The correction from 139.15 has extended as it has turned into a triple zig-zag correction, but we should be very close to the end of the correction. We expect the correction (blue wave ii) to end near 141.36. To indicate that the correction is over, we need a break below minor support at 140.77 and more importantly a break below 140.29 that confirms that blue wave iii is over and blue wave iii lower is developing for a decline towards at least 136.15.
In the longer term we are looking for a much deeper correction, but we will have to remember, that correction can be rather unpredictable as they evolve.
Trading recommendation:
Stay short in EUR from 141.85 with your stop at 141.80. If you are not short in EUR yet, then sell EUR near 141.36 with the same stop at 141.80.
The material has been provided by InstaForex Company – www.instaforex.com
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