Elliott Wave Analysis of EUR/JPY for January 31, 2014
January 31, 2014 11:15 am
Today’s Support and Resistance levels:
R3: 140.27
R2: 139.94
R1: 139.37
Current spot: 138.96
S1: 138.65
S2: 138.18
S2: 137.39
Technical summary:
We are looking for the ongoing wave blue wave iii to start accelerating towards the downside soon. The ideal target for blue wave iii is at 136.15. In the short-term, we expect minor resistance at 139.37 to protect the upside for the next decline, but if the minor resistance is clearly broken, we should expect a minor extension towards 139.94 before the next move lower towards 136.15.
A break below the support line of the base channel will confirm that the expected acceleration lower is developing.
Trading recommendation:
Stay short from 141.85 and keep your stop at 141.30. If you are not short EUR yet, then sell EUR at 139.37 with the same stop at 141.30.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 140.27
R2: 139.94
R1: 139.37
Current spot: 138.96
S1: 138.65
S2: 138.18
S2: 137.39
Technical summary:
We are looking for the ongoing wave blue wave iii to start accelerating towards the downside soon. The ideal target for blue wave iii is at 136.15. In the short-term, we expect minor resistance at 139.37 to protect the upside for the next decline, but if the minor resistance is clearly broken, we should expect a minor extension towards 139.94 before the next move lower towards 136.15.
A break below the support line of the base channel will confirm that the expected acceleration lower is developing.
Trading recommendation:
Stay short from 141.85 and keep your stop at 141.30. If you are not short EUR yet, then sell EUR at 139.37 with the same stop at 141.30.
The material has been provided by InstaForex Company – www.instaforex.com
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