Elliott Wave Analysis of EUR/JPY for September 9, 2013 Trend News

Today Support and Resistance levels:

R3: 132.42

R2: 132.14

R1: 131.84

Current Spot: 131.21

S1: 131.03

S2: 130.86

S3: 130.63

Technical summary:

Wave ii went a little deeper than to the expected level of 130.64 (the low was at 129.89), but that does not change anything in the larger picture. In the short-term I am looking for support at 130.86 to protect the downside for a break above 131.84 and more importantly a break above 132.14, which would call for 132.42 on the way towards 134.49 and possibly even higher as we thrust out of this B-wave triangle. In the long term I am looking for much higher levels and a rally towards 170.00.

Trading recommendation:

Stay long in EUR from 130.75 with your stop at 129.29.

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GBP/JPY technical levels and trading recommendations for September 06, 2013 Trend News

Overview

Today, 4H chart show that yesterday's closing below the resistance level of 156.00 gives the price an opportunity for a bearish move. As shown here, currently, the price is trying to continue its bearish move by breaking the support level of 154.50 and closing below it. In that case, we may get another opportunity for more sell signals, and it opens the way towards 153.90, as the first target, and then the price should test the support level of 153.00 to continue its bearish move. But as long as the price stabilizes above the support level of 154.50, it cancels the first scenario.

Resistance and support levels: R3 (156.60), R2 (156.00), R1 (155.50), S1 (154.50), S2 (153.90), S3 (153.00).

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