Elliott Wave analysis of EUR/JPY for August 21, 2013
August 21, 2013 3:15 pm
Today’s Support and Resistance levels:
R3: 132.07
R2: 131.55
R1: 131.01 – Invalidation point of the bearish count
Current spot: 130.75
S1: 130.52
S2: 130.33
S3: 129.90
Technical summary:
We are still looking for an impulsive decline to develop any time now. In the short term we are looking for important resistance at 131.01 to protect the upside for a break below 130.33 and, more importantly, a break below 129.90, which confirms a continuation lower towards 128.17 and maybe even low. However, a break above important support at 131.01 will invalidate our bearish count and call for a rally higher towards 132.00 and make the triangle count our preferred count.
Trading recommendation:
Sell EUR here at 130.75 with a low risk stop at 131.05.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 132.07
R2: 131.55
R1: 131.01 – Invalidation point of the bearish count
Current spot: 130.75
S1: 130.52
S2: 130.33
S3: 129.90
Technical summary:
We are still looking for an impulsive decline to develop any time now. In the short term we are looking for important resistance at 131.01 to protect the upside for a break below 130.33 and, more importantly, a break below 129.90, which confirms a continuation lower towards 128.17 and maybe even low. However, a break above important support at 131.01 will invalidate our bearish count and call for a rally higher towards 132.00 and make the triangle count our preferred count.
Trading recommendation:
Sell EUR here at 130.75 with a low risk stop at 131.05.
The material has been provided by InstaForex Company – www.instaforex.com
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