Today's support and resistance levels:
R3: 140.02
R2: 139.61
R1: 139.19
Current spot: 139.14
S1: 138.80
S2: 138.43
S3: 138.16
Technical summary:
The decline from 140.02 do have some impulsiveness to it, but it is not enough to confirm that we have an important top in place at 140.02 and that a major correction in wave II has taken over, for a decline to at least 124.92 in longer term.
To confirm the top, we need resistance at 139.61 to protect the upside for a clear impulsive break below 138.43 towards at least 137.85 for the short term. If resistance at 139.61 is broken, the decline from 140.02 has clearly only been in three waves, which means it has been corrective and that a new rally towards 140.02 and slightly higher should be seen.
Trading recommendation:
Stay short and lower you stop to 139.65. If you are not short yet, then sell a break below 138.78 with the same stop at 139.65.
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 5, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for December 5, 2013
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