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Elliott wave analysis of EUR/JPY for November 12 - 2014

2014-11-12-EURJPY-8H.png


Today's support and resistance levels:


R3: 144.08


R2: 143.80


R1: 143.65


Current spot: 143.44


S1: 143.25


S2: 142.93


S3: 142.55


Technical summary:


Red wave v and wave iii seem to have ended early at 144.70 and that means a correction in wave iv currently is unfolding towards 142.46 and maybe even slightly lower to 142.06. At this point, only a quick rally above 144.43 will call for a continuation higher towards 145.21 to end wave iii, but at this point that outcome seems quite unlikely.


Trading recommendation:


We are long in EUR from 143.62 and will close our position here at 143.44 with a minor loss. We will re-buy EUR at 142.20 with a stop at 141.75.


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