Elliott wave analysis of EUR/JPY for August 22, 2013
August 22, 2013 5:30 am
Today’s Support and Resistance levels:
R3: 131.56
R2: 131.20
R1: 131.03
Current spot: 130.88
S1: 130.63
S2: 130.21
S3: 129.90
Technical summary:
Well once again we saw a break above resistance at 131.01, more and more evidence is pointing towards the triangle as the preferred count. That means we should see a continuation higher towards strong resistance near 132.00 to end wave d and then one last decline towards 129.98 and maybe even down to 129.50 before wave e of the triangle is in place. However, once wave e of the triangle is done, we can expect a new very powerful rally higher towards 170.00, but for now we have to concentrate on getting this triangle finished.
Trading recommendation:
Place a EUR buy order at 130.10 and one at 132.85 (just above the top of wave c). One order done cancels the other.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 131.56
R2: 131.20
R1: 131.03
Current spot: 130.88
S1: 130.63
S2: 130.21
S3: 129.90
Technical summary:
Well once again we saw a break above resistance at 131.01, more and more evidence is pointing towards the triangle as the preferred count. That means we should see a continuation higher towards strong resistance near 132.00 to end wave d and then one last decline towards 129.98 and maybe even down to 129.50 before wave e of the triangle is in place. However, once wave e of the triangle is done, we can expect a new very powerful rally higher towards 170.00, but for now we have to concentrate on getting this triangle finished.
Trading recommendation:
Place a EUR buy order at 130.10 and one at 132.85 (just above the top of wave c). One order done cancels the other.
The material has been provided by InstaForex Company – www.instaforex.com
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