Today's Support and Resistance levels:
R3: 142.82
R2: 142.17
R1: 141.69
Current Spot: 141.36
S1: 140.99
S2: 140.40
S3: 139.96
Technical summary:
Ideally we will see support at 140.99 protecting the downside for a break above 141.69, confirming that the final rally higher towards 142.80 and possibly even higher towards 144.00 if the final wave extends. That said, we are close to the top for the rally of the 94.10 low. Once the top is in place we should be looking for a correction lower towards at least 124.95 and possibly even lower towards 118.72. However, for now we should be focused towards the upside as long as support at 140.99 and more importantly as long as support at 140.00 protect the downside. Only a break below 140.00 will indicate, that wave v of 5 is in place, while a break below 138.42 will confirm the top.
Trading recommendation:
We are looking for a selling opportunity at 143.60 or upon a break below 140.99 (let us say at 140.95).
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott wave analysis of EUR/JPY for December 11, 2013 . Thanks for your support on Elliott wave analysis of EUR/JPY for December 11, 2013
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