Elliott wave analysis of EUR/JPY for June 20, 2014
June 20, 2014 9:05 am
Today’s Support and Resistance levels:
R3: 139.63
R2: 139.25
R1: 138.90
Current spot: 138.70
S1: 138.60
S2: 138.34
S3: 137.96
Technical summary:
Resistance at the 50% corrective target at 138.90 still protects the upside. However, until we see a break below minor support at 138.41, a rally slightly higher towards the 61.8% corrective target at 139.18 can not be excluded. If however, support at 138.41 gives away for a decline we can say that wave ii is in place and wave iii lower towards 134.67 is expected.
Trading recommendation:
We sold EUR at 138.55 and our stop is placed at 139.55. If you are not short in EUR yet, then sell near 138.90 or upon a break below 138.41 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 139.63
R2: 139.25
R1: 138.90
Current spot: 138.70
S1: 138.60
S2: 138.34
S3: 137.96
Technical summary:
Resistance at the 50% corrective target at 138.90 still protects the upside. However, until we see a break below minor support at 138.41, a rally slightly higher towards the 61.8% corrective target at 139.18 can not be excluded. If however, support at 138.41 gives away for a decline we can say that wave ii is in place and wave iii lower towards 134.67 is expected.
Trading recommendation:
We sold EUR at 138.55 and our stop is placed at 139.55. If you are not short in EUR yet, then sell near 138.90 or upon a break below 138.41 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
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