Elliott wave analysis of EUR/JPY for August 28, 2013
August 28, 2013 6:15 am
Today’s Support and Resistance levels:
R3: 131.04
R2: 130.50
R1: 130.15
Current Spot: 129.93
S1: 129.65
S2: 129.28
S3: 129.00
Technical summary:
According to the decline to 129.65, just above our second target, we are, likely, very close to the bottom of the final e wave of the triangle and a new powerful impulsive rally could begin any time now. The first good indication will be if support at 129.65 protects the downside move from a break above 130.15 and, more importantly, from a break above 130.50, which will call for a test of the triangle resistance line near 132.00. A break above it will confirm a new impulsive rally developing towards 139.21 and next major upside target. However, if support at 129.65 is broken it will delay the impulsive rally for a move closer to the triangle support line near 129.00. Only a break below 127.94 will invalidate the triangle count.
Trading recommendation:
Stay long on EUR from 130.25 with a stop at 127.85. If you have not opened long on EUR, then buy after a break above 130.15 with the same stop at 127.85.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 131.04
R2: 130.50
R1: 130.15
Current Spot: 129.93
S1: 129.65
S2: 129.28
S3: 129.00
Technical summary:
According to the decline to 129.65, just above our second target, we are, likely, very close to the bottom of the final e wave of the triangle and a new powerful impulsive rally could begin any time now. The first good indication will be if support at 129.65 protects the downside move from a break above 130.15 and, more importantly, from a break above 130.50, which will call for a test of the triangle resistance line near 132.00. A break above it will confirm a new impulsive rally developing towards 139.21 and next major upside target. However, if support at 129.65 is broken it will delay the impulsive rally for a move closer to the triangle support line near 129.00. Only a break below 127.94 will invalidate the triangle count.
Trading recommendation:
Stay long on EUR from 130.25 with a stop at 127.85. If you have not opened long on EUR, then buy after a break above 130.15 with the same stop at 127.85.
The material has been provided by InstaForex Company – www.instaforex.com
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