Today's Support and Resistance levels:
R3: 141.29
R2: 140.98
R1: 140.87
Current spot: 140.55
S1: 140.42
S2: 140.08
S3: 139.43
Technical summary:
Important resistance at 141.55 protected the upside to perfection, and we are now looking for the final decline in blue wave v towards 139.43 before the next meaningful correction should be expected. Once blue wave v is over, it will only mark wave one of the larger degree and following the correction from 139.43 towards 141.55 and maybe slightly higher, a new powerful decline in wave three should be expected.
Trading recommendation:
Stay short from 141.20 and move your stop lower to 141.35 and place stop profit at 139.55.
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 April 14, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for April 14, 2014
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