Elliott Wave analysis of EUR/JPY for March 20, 2013
March 20, 2013 12:55 pm
Today’s Support and Resistance levels:
S1: 122.03 R1: 122.75
S2: 121.83 R2: 123.21
S3: 121.64 R3: 123.71
Technical overview:
The rally from 121.56 has already exhausted at 124.13 followed by a deep correction to 121.83. If wave iii of 5 has begun we cannot accept a break below 121.56 at any time. If we break below 121.56 we know that wave ii of 5 still is ongoing, but the downside should be limited. On the other hand, a break above 122.75 and, more importantly, a break above 123.70 will indicate that wave iii is indeed unfolding and we should expect a powerful rally higher towards 133.54 to develop.
Trading recommendation:
We are long EUR from 124.65 with a stop at 118.70. If you are not long EUR already then buy a break above 123.70 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
S1: 122.03 R1: 122.75
S2: 121.83 R2: 123.21
S3: 121.64 R3: 123.71
Technical overview:
The rally from 121.56 has already exhausted at 124.13 followed by a deep correction to 121.83. If wave iii of 5 has begun we cannot accept a break below 121.56 at any time. If we break below 121.56 we know that wave ii of 5 still is ongoing, but the downside should be limited. On the other hand, a break above 122.75 and, more importantly, a break above 123.70 will indicate that wave iii is indeed unfolding and we should expect a powerful rally higher towards 133.54 to develop.
Trading recommendation:
We are long EUR from 124.65 with a stop at 118.70. If you are not long EUR already then buy a break above 123.70 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
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