Elliott Wave analysis of EUR/JPY for January 9, 2014
January 9, 2014 10:15 am
Today’s Support and Resistance levels:
R3: 142.97
R2: 142.85
R1: 142.64
Current Spot: 142.51
S1: 142.38
S2: 142.12
S3: 141.73
Technical summary:
We are likely in the very early part of the powerful wave iii lower. This coming wave iii will ideally take us down to at least 136.43 and possibly lower. However, in the short term we need a break below support at 142.31 to indicate that wave iii is gaining momentum. Until the break below support at 142.31 is seen, we could see this correction move a little higher towards 142.77 and even higher towards 142.85 and 142.97, before the wave iii really takes over.
At no point, a break above 143.17 can be allowed, as that will invalidate this count and delay for a move closer to 144.00 before move down.
Trading recommendation:
Stay short in EUR from 143.00 with stop placed at 143.20. If you are not short in EUR yet, then sell after a break below 142.30 with the same stop at 143.20.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.97
R2: 142.85
R1: 142.64
Current Spot: 142.51
S1: 142.38
S2: 142.12
S3: 141.73
Technical summary:
We are likely in the very early part of the powerful wave iii lower. This coming wave iii will ideally take us down to at least 136.43 and possibly lower. However, in the short term we need a break below support at 142.31 to indicate that wave iii is gaining momentum. Until the break below support at 142.31 is seen, we could see this correction move a little higher towards 142.77 and even higher towards 142.85 and 142.97, before the wave iii really takes over.
At no point, a break above 143.17 can be allowed, as that will invalidate this count and delay for a move closer to 144.00 before move down.
Trading recommendation:
Stay short in EUR from 143.00 with stop placed at 143.20. If you are not short in EUR yet, then sell after a break below 142.30 with the same stop at 143.20.
The material has been provided by InstaForex Company – www.instaforex.com
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