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Elliott wave analysis of EUR/JPY for October 29 - 2014

2014-10-29-EURJPY-8H.png


Today's support and resistance levels:


R3: 137.95


R2: 137.80


R1: 137.75


Current spot: 137.72


S1: 137.48


S2: 137.23


S3: 136.90


Technical summary:


The target for wave B at 137.82 has been reached. Now, we will be looking for a break below minor support at 137.21 and more importantly a break below support at 136.90 to confirm that wave B is over and wave C lower to 130.73 is developing. As long as support at 137.21 protects the downside, we could still see a move slightly higher to 137.95, but the upside potential should be limited from here.


Trading recommendation:


We are short in EUR from 137.70 with stop placed at 138.10. If you are not short in EUR yet, then sell near 137.82 or upon a break below 137.21 with the same stop at 138.10.


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