Technical analysis of EUR/JPY for December 26, 2013 Trend News

General overview for 26/12/2013 15:15 CET

The upside gap has occurred when market had opened today with the pair going higher to 143.52 level in new 4-year high.

The Elliott Wave labeling has been changed due to waves (i) and (ii) overlapse and new count is provided. The new labeling indicates a sooner than expecetd wave (iv) black termination and a triangle formation for wave iv black. The result is upside gap, that will be counted as small degree wave three. This means, that currently market is in small corrective cycle wave four and one more push higher is expected up to the level of 143.98. Then market should start to attempt to try to fill the gap.

Support/Resistance:

143.98 - WR2

143.53 - Swing High

143.30 - 142.63 - GAP ZONE

143.20 - WR1

142.88 - Technical Support

Trading recommendations:

The level of 143.30 is providing a temporary intraday support and any breakout below this level would be bearish and would mean a possible gap filling attempt. In this case SL should be above the level of 143.53 and TP at the level 142.88.

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#USDX analysis for December 26, 2013 Trend News

The Dollar index although has given us short term bullish signals, it still remains under the important resistance level of 81. Prices show low volatility as expected during the holiday season. Currently, the price pattern favors bulls, but prices still remain below important resistance levels.

There is potential for prices to move higher as there is a sequence of higher highs and higher lows from 79.75. Short-term trend is up as long as prices trade above the red upward sloping trend line. Short term resistance is found at 80.75-80 and short-term support is found at 80.30-10.

The daily chart still shows that short-term trend is challenging the intermediate bearish trend. Breaking above the blue downward sloping trend line at 80.75-80 will be a bullish signal that could change the intermediate term from bearish to bullish. Concluding, we are feeling bullish as long as prices continue to trade above 79.80-79.90 as this is very important support. Our target is 82.50.

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Technical analysis of EUR/JPY for December 26, 2013 Trend News

Technical outlook and chart setups:

1. EURJPY has taken out 143.20 and subsequently out stop loss on short positions taken earlier. As depicted here, it is a sideways/triangle/consolidation breakout which has moved prices higher. It is recommended to initiate long positions upon a pullback towards 142.70/80 again. Until then remain flat.

2. The sideways trading range of 141.00, acting as a support and 143.00, acting as a resistance has been broken and hence 142.80/143.00 would turn support now. This would be the next opportunity to go long.

3. The entire structure reveals a larger trend reversal in the coming weeks. At the moment, EUR/JPY could push through 145.00 if 142.80/143.00 holds well.

Trading recommendations:

Flat for now. Initiate long positions at the 142.80/143.00 levels.

Good luck!

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Technical analysis of GBP/CHF for December 26, 2013 Trend News

Technical outlook and chart setups:

1. The GBP/CHF has pulled back from recent swing lows of 1.4350/1.4400 to 1.4700/20 recently. Please note that it is at the 0.618 retracement of the entire downswing from 1.4950 to 1.4350/1.4400. It is recommended to remain short for now, risk remains at 1.4950.

2. The resistance is at 1.4950 for now, while support intermediary will be provided by 1.4350, followed by 1.4200 and 1.4 respectively.

3. The entire structure indicates that the major resistance has been hit at 1.4950, and prices should continue to move in a lower high-lower low structure from here on.

Trading recommendations:

Hold on to short positions, set stop at 1.4950, target is at 1.41 and 1.40.

Good luck!

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Elliott Wave Analysis of EUR/JPY for December 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 143.92

R2: 143.57

R1: 143.46

Current spot: 143.38

S1: 143.00

S2: 142.46

S3: 141.86 - Important support. A break below here confirms the top.

Technical summary:

The target at 143.24 has been hit. An important top should be imminent. The first indication of the top being in place is a break below 143.00 and the top will be confirmed upon a break below 141.86.

In the short term we could see a slight extension higher towards 143.46 and 143.57 as long as support at 143.15 and more importantly as long as support at 143.00 protects the downside, but a break below 143.00 will be the first good indication, that a top is in place.

Trading recommendation:

We sold EUR at 143.15 and will place stop at 144.15. If you are not short in EUR yet, then sell after a break below 143.15 with the same stop at 144.15.

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