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Elliott wave analysis of EUR/JPY for August 20, 2014

2014-08-20-EURJPY-8H.png


Today's support and resistance levels:


R3: 137.62


R2: 137.42


R1: 137.36


Current spot: 137.23


S1: 137.01


S2: 136.76


S3: 136.55


Technical summary:


Minor support at 136.76 has protected the downside for a more prolonged blue wave ii. But our overall view still is, that we soon should see a powerful decline in blue wave iii lower to 135.73. After a minor consolidation in blue wave iv, we should see the final decline to the ideal blue wave v target at 134.34, where wave A also will be equal in length to wave A. Once the long-term target at 134.34 is reached, we should expect a new impulsive rally.


Trading recommendation:


We are short in EUR from 137.30 with stop place at 137.75. If you are not short in EUR yet, then sell near 137.30 or upon a break below 136.76.


The material has been provided by InstaForex Company - www.instaforex.com