Elliott wave analysis of EUR/JPY for November 6, 2013
November 6, 2013 6:31 am
Today’s Support and Resistance levels:
R3: 134.84
R2: 134.15
R1: 133.70
Current Spot: 133.42
S1: 132.85
S2: 132.55
S3: 132.27
Technical summary:
We saw important resistance at 133.42 protecting the upside for one last decline closer to 132.20 (the final low came in at 132.37). Following the low at 132.37, we have seen a powerful rally and a break above important resistance at 133.42, which indicates that the final rally higher in wave c of v is developing. The ideal target for this wave v is at 137.05 and the absolute maximum for this rally is at 138.39 as wave iii can not be the shortest wave and that it will be the case if we see a break above 138.39.
In the short term we are looking for support at 133.11 to protect the downside for a break above 133.45 towards 133.70 and higher towards 134.15 and 134.75 on the way higher to 137.05.
Trading recommendation:
Stay long in EUR from 133.20 and lift your stop to 132.30. If you are not long in EUR already, then buy near 133.11 or upon a break above 133.45 with the same stop at 132.30.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 134.84
R2: 134.15
R1: 133.70
Current Spot: 133.42
S1: 132.85
S2: 132.55
S3: 132.27
Technical summary:
We saw important resistance at 133.42 protecting the upside for one last decline closer to 132.20 (the final low came in at 132.37). Following the low at 132.37, we have seen a powerful rally and a break above important resistance at 133.42, which indicates that the final rally higher in wave c of v is developing. The ideal target for this wave v is at 137.05 and the absolute maximum for this rally is at 138.39 as wave iii can not be the shortest wave and that it will be the case if we see a break above 138.39.
In the short term we are looking for support at 133.11 to protect the downside for a break above 133.45 towards 133.70 and higher towards 134.15 and 134.75 on the way higher to 137.05.
Trading recommendation:
Stay long in EUR from 133.20 and lift your stop to 132.30. If you are not long in EUR already, then buy near 133.11 or upon a break above 133.45 with the same stop at 132.30.
The material has been provided by InstaForex Company – www.instaforex.com
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