Elliott wave analysis of EUR/JPY for October 1 – 2014
October 1, 2014 12:30 pm
Today’s support and resistance levels:
R3: 139.13
R2: 138.80
R1: 138.50
Current spot: 138.35
S1: 138.32
S2: 138.18
S3: 137.94
Technical summary:
The correction in red wave ii from 141.22 has been deeper than originally expected and has almost hit the 61.8% corrective target at 137.89 (the low has been at 137.94). However, to indicate that red wave ii is over and red wave iii is bulding, we need a break above 138.80 and more importantly, we need a break above resistance at 139.13 to confirm that red wave iii has taken over for a new rally towards 141.22 on the way higher to 143.78.
Trading recommendation:
We will move our EUR-buy order lower to 138.85 and place stop just below the low reached in red wave ii.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 139.13
R2: 138.80
R1: 138.50
Current spot: 138.35
S1: 138.32
S2: 138.18
S3: 137.94
Technical summary:
The correction in red wave ii from 141.22 has been deeper than originally expected and has almost hit the 61.8% corrective target at 137.89 (the low has been at 137.94). However, to indicate that red wave ii is over and red wave iii is bulding, we need a break above 138.80 and more importantly, we need a break above resistance at 139.13 to confirm that red wave iii has taken over for a new rally towards 141.22 on the way higher to 143.78.
Trading recommendation:
We will move our EUR-buy order lower to 138.85 and place stop just below the low reached in red wave ii.
The material has been provided by InstaForex Company – www.instaforex.com
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