Elliott wave analysis of EUR/JPY for October 14 – 2014
October 14, 2014 10:55 am
Today’s support and resistance levels:
R3: 135.65
R2: 135.54
R1: 135.35
Current spot: 135.27
S1: 135.09
S2: 134.84
S3: 134.54
Technical summary:
We saw the expected correction towards the ideal corrective target at 136.52 (the top came in at 136.54 just 2 small pips above the ideal corrective target). The following decline is clearly impulsive in character and after a short term consolidation near 135.10 we will be looking for the next impulsive decline towards the 133.58 target. At 133.58 we will meet the 23.6% corrective target of the rally from 94.10 to 145.69, this target is the absolute minimum we would normally expect in a correction. The more normal corrective target would be the 38.2% corrective target, which comes in at 125.98.
Trading Recommendation:
We are short EUR from 135.70 and will move our stop lower to 136.60. If you are not short EUR yet, then sell EUR near 135.65 with the same stop at 136.60.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 135.65
R2: 135.54
R1: 135.35
Current spot: 135.27
S1: 135.09
S2: 134.84
S3: 134.54
Technical summary:
We saw the expected correction towards the ideal corrective target at 136.52 (the top came in at 136.54 just 2 small pips above the ideal corrective target). The following decline is clearly impulsive in character and after a short term consolidation near 135.10 we will be looking for the next impulsive decline towards the 133.58 target. At 133.58 we will meet the 23.6% corrective target of the rally from 94.10 to 145.69, this target is the absolute minimum we would normally expect in a correction. The more normal corrective target would be the 38.2% corrective target, which comes in at 125.98.
Trading Recommendation:
We are short EUR from 135.70 and will move our stop lower to 136.60. If you are not short EUR yet, then sell EUR near 135.65 with the same stop at 136.60.
The material has been provided by InstaForex Company – www.instaforex.com
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