Today's Support and Resistance levels:
R3: 143.24
R2: 142.89
R1: 142.59
Current Spot: 142.38
S1: 142.14
S2: 141.86
S3: 141.41
Technical summary:
It is still an open question whether we have seen an important top at 142.89 or we need more upside action before the top is finally in place. To confirm, that we have an important top in place we still need a break below 140.91.
Short term we will be looking for minor resistance at 142.59 likely protecting the upside for a break below 142.14 and more importantly a break below 141.86, which confirms a new test of support at 140.91, but only below here confirms that the top is in place. However, even if we do get a break above 142.89, the upside progress should be very limited, likely we will not see more than 143.24 tested.
Trading recommendation:
Stay short from 141.70 with a stop at 142.90. If you are not short yet, then sell a break below 142.14 with the same stop at 142.90.
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 20, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for December 20, 2013
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