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Elliott wave analysis of EUR/JPY for October 28 - 2014

2014-10-28-EURJPY-8H.png


Today's support and resistance levels:


R3: 137.82


R2: 137.35


R1: 137.21


Current spot: 137.11


S1: 136.90


S2: 136.79


S3: 136.59


Technical summary:


Wave c of B higher to 137.82 is still unfolding. Once the B-wave correction is over near 137.82, then we should be looking for wave C lower to 130.73. Short term, I expect minor support at 136.79 and more importantly support at 136.59 will protect the downside for the final rally higher towards 137.82 before wave C takes over for the next impulsive decline.


Trading recommendation:


We will sell EUR at 137.70 with stop placed at 138.10


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