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Elliott wave analysis of EUR/JPY for August 28, 2014

2014-08-28-EURJPY-8H.png


Today's support and resistance levels:


R3:137.42


R2: 137.29


R1: 137.15


Current spot: 137.07


S1: 136.92


S2: 136.81


S3: 136.61


Technical summary:


We saw the expected test of important short-term support at 136.81, but it was not able to break below this support firmly. It has cause some consolidation just above this support. However, we are still looking for a new test and likely firm break below this support next time for a continuation lower to 135.73 and the equality target at 134.34. At this point only a break above 137.29 will delay the expected test of the short-term important support at 136.81.


Trading recommendation:


We are short in EUR from 137.75 with stop placed at 137.45. If you are not short in EUR yet, then sell near 137.29 or upon a break below 136.81 with the same stop at 137.45.


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