Elliott Wave Analysis of EUR/JPY for January 3, 2014
January 3, 2014 9:15 am
Today’s Support and Resistance Levels:
R3: 143.63
R2: 143.25
R1: 142.81
Current Spot: 142.59
S1: 142.30
S2: 142.10
S3: 141.76
Technical Summary:
The powerful break below the base channel support line does support our count perfectly. Short-term we should see support at 142.30 protecting the downside for a red wave iv correction towards 143.26. The red wave iv correction will likely be a simple zig-zag correction as the red wave ii correction was a flat correction. Once red wave iv is done near 143.26, we will be looking for red wave v to go lower towards 140.98.
Trading Recommendation:
Take profits on the short EUR position from 145.10 here at 142.59 for a nice profit. Re-sell EUR at 143.15 with a stop at 144.50 and place take profit at 141.15.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 143.63
R2: 143.25
R1: 142.81
Current Spot: 142.59
S1: 142.30
S2: 142.10
S3: 141.76
Technical Summary:
The powerful break below the base channel support line does support our count perfectly. Short-term we should see support at 142.30 protecting the downside for a red wave iv correction towards 143.26. The red wave iv correction will likely be a simple zig-zag correction as the red wave ii correction was a flat correction. Once red wave iv is done near 143.26, we will be looking for red wave v to go lower towards 140.98.
Trading Recommendation:
Take profits on the short EUR position from 145.10 here at 142.59 for a nice profit. Re-sell EUR at 143.15 with a stop at 144.50 and place take profit at 141.15.
The material has been provided by InstaForex Company – www.instaforex.com
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