Elliott Wave analysis of EUR/JPY for January 8, 2014
January 8, 2014 8:15 am
Today’s Support and Resistance levels:
R3: 143.52
R2: 143.31
R1: 143.16
Current Spot: 142.99
S1: 142.79
S2: 142.61
S3: 142.20
Technical summary:
We have seen our corrective target at 143.10 was tested, the high was 143.16. Now we will be looking for a break below 142.79 as the first indication that wave ii has ended and wave iii moves lower towards at least 138.85. A break below 142.61 confirms that wave iii is developing. However, as long as support at 142.79 protects the downside we could see wave ii move slightly higher towards 143.31 and maybe 143.52 before the top of wave ii is in place.
Trading recommendation:
We are short EUR from 143.00. Stop will be placed at 145.70 expecting to move the stop lower soon. If you are not short EUR already, the sell a break below 142.79 with the same stop at 145.70.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 143.52
R2: 143.31
R1: 143.16
Current Spot: 142.99
S1: 142.79
S2: 142.61
S3: 142.20
Technical summary:
We have seen our corrective target at 143.10 was tested,
the high was 143.16. Now we will be looking for a break below 142.79 as the
first indication that wave ii has ended and wave iii moves lower towards at
least 138.85. A break below 142.61 confirms that wave iii is developing.
However, as long as support at 142.79 protects the downside we could see wave
ii move slightly higher towards 143.31 and maybe 143.52 before the top of wave
ii is in place.
Trading recommendation:
We are short EUR from 143.00. Stop will be placed at 145.70 expecting to move the stop lower soon. If you are not short EUR already, the sell a break below 142.79 with the same stop at 145.70.
The material has been provided by InstaForex Company – www.instaforex.com
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