Elliott wave analysis of EUR/JPY for October 13 – 2014
October 13, 2014 11:35 am
Today’s support and resistance levels:
R3: 136.69
R2: 136.52
R1: 136.33
Current spot: 135.94
S1: 135.87
S2: 135.74
S1: 135.54
Technical summary:
The break below important support 135.80 told us, that the rally to 141.22 was an X-wave and that a new zig-zag correction is unfolding, with the first major downside target being the 23.6% corrective target of the rally from 94.10 to 145.69 coming in at 133.58. Short term we should expect a minor correction higher towards 136.52 before the downside pressure re-emerges for the decline towards 133.58 and maybe even lower to 125.98.
Trading recommendation:
Our stop+revers was hit at 135.70 and we will place stop at 137.25.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 136.69
R2: 136.52
R1: 136.33
Current spot: 135.94
S1: 135.87
S2: 135.74
S1: 135.54
Technical summary:
The break below important support 135.80 told us, that the rally to 141.22 was an X-wave and that a new zig-zag correction is unfolding, with the first major downside target being the 23.6% corrective target of the rally from 94.10 to 145.69 coming in at 133.58. Short term we should expect a minor correction higher towards 136.52 before the downside pressure re-emerges for the decline towards 133.58 and maybe even lower to 125.98.
Trading recommendation:
Our stop+revers was hit at 135.70 and we will place stop at 137.25.
The material has been provided by InstaForex Company – www.instaforex.com
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