Elliott wave analysis of EUR/JPY for October 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 135.76

R2: 135.32

R1: 135.05

Current Spot: 134.78

S1: 134.55

S2: 134.31

S1: 134.10

Technical summary:

We finally saw some acceleration higher as wave iii is getting under way. That said, we expect even more acceleration higher and once we clear 136.00, this wave iii should really take off. In the short term we expect support at 134.55 and more importantly 134.10 to protect the downside for the next rally higher towards 135.76 and higher. A break below support at 134.10 will be frustrating, but only a break below 133.60 will indicate that the rally of the 132.61 low only was a part of a complex correction and a new decline below 132.61 should be seen.

Trading recommendation:

Stay long from 134.18 and move you stop higher to 133.50. If you are not long in EUR, then buy EUR near 134.10 with the same stop at 133,50.

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



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