Elliott wave analysis of EUR/JPY for September 25 – 2014
September 25, 2014 7:50 am
Today’s support and resistance levels:
R3: 139.57
R2: 139.43
R1: 139.27
Current spot: 139.14
S1: 139.00
S2: 138.93
S3: 138.78
Technical summary:
The correction from 141.22 has become deeper and more complex than first expected, but it does not alter our count, that this is a wave two correction and that the downside potential is limited from here. We will be looking for a break above minor resistance at 139.43 as the first indication, that blue wave ii is over, while a break above short-term important resistance at 139.70 confirms the bottom for a new rally back to 141.22 on the way higher to 143.79.
Trading recommendation:
Our stop at 139.05 was hit for a very nice profit. We will buy EUR again here at 139.14 with a stop at 138.40.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 139.57
R2: 139.43
R1: 139.27
Current spot: 139.14
S1: 139.00
S2: 138.93
S3: 138.78
Technical summary:
The correction from 141.22 has become deeper and more complex than first expected, but it does not alter our count, that this is a wave two correction and that the downside potential is limited from here. We will be looking for a break above minor resistance at 139.43 as the first indication, that blue wave ii is over, while a break above short-term important resistance at 139.70 confirms the bottom for a new rally back to 141.22 on the way higher to 143.79.
Trading recommendation:
Our stop at 139.05 was hit for a very nice profit. We will buy EUR again here at 139.14 with a stop at 138.40.
The material has been provided by InstaForex Company – www.instaforex.com
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