Elliott wave analysis of EUR/JPY for October 8 – 2014
October 8, 2014 2:30 pm
Today’s support and resistance levels:
R3: 137.32
R2: 137.18
R1: 137.08
Current spot: 136.95
S1: 136.90
S2: 136.84
S3: 136.69
Technical summary:
With a new low below 136.87 we should be looking for the third and final zig-zag correction lower to 136.28 before the correction from 141.22 is over. Once this correction is over, we should be looking for a new strong rally higher towards 141.22 on the way towards 143.79. At this point, only a break below important support at 135.80 will invalidate the bullish count for a move lower towards 133.52 and maybe even lower to 125.98
Trading recommendation:
Our stop+reverse at 136.85 was hit and we are now short EUR and will place a new stop+reverse at 137.85 and take profit, will be lifted to 136.35.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 137.32
R2: 137.18
R1: 137.08
Current spot: 136.95
S1: 136.90
S2: 136.84
S3: 136.69
Technical summary:
With a new low below 136.87 we should be looking for the third and final zig-zag correction lower to 136.28 before the correction from 141.22 is over. Once this correction is over, we should be looking for a new strong rally higher towards 141.22 on the way towards 143.79. At this point, only a break below important support at 135.80 will invalidate the bullish count for a move lower towards 133.52 and maybe even lower to 125.98
Trading recommendation:
Our stop+reverse at 136.85 was hit and we are now short EUR and will place a new stop+reverse at 137.85 and take profit, will be lifted to 136.35.
The material has been provided by InstaForex Company – www.instaforex.com
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