Today's Support and Resistance levels:
R3: 141.74
R2: 141.32
R1: 141.05
Current spot: 140.82
S1: 140.54
S2: 140.27
S3: 139.88
Technical summary:
The decline below 140.66 and more importantly 140.43 could indicate that a new impulsive decline in wave iii is developing. That said, the correction from 140.43 has been relatively shallow and quick, therefore this decline could be a b-wave of an expanded flat correction. As both counts are more or less with a fifty/fifty chance we will let the benefit of the doubt go to the bears and that wave iii lower could be developing. If this count is correct, we should ideally see resistance at 141.05 protecting the upside for a break below 140.53 and more importantly a break below 140.30 for a move lower towards 136.45. If however, minor resistance at 141.05 and more importantly resistance at 141.54 is broken then the expanded flat correction scenario is proved to be the correct count and a move higher to 142.11 should be seen before the next impulsive decline takes over.
Trading recommendation:
Stay short from 140.65 and move your stop lower to 141.10.
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 March 27, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for March 27, 2014
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