Today's Support and Resistance levels:
R3: 142.52
R2: 142.17
R1: 141.82
Current spot: 141.68
S1: 141.45
S2: 141.23
S3: 140.98
Technical summary:
The failure to break clearly below support at 141.23 has kept the correction from 140.08 alive. As long as support at 141.23 protects the downside, we could see a move closer to strong resistance near 142.17, but from here or upon a break below 141.23, a new impulsive decline towards 136.33 should be seen.
In the longer term we are still looking for a much deeper correction of the rally from 94.10 to 145.69, with the ideal target being near 126.00.
Trading recommendation:
Stay short in EUR from 141.63 with your stop placed at 143.50.
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 23, 2014 . Thanks for your support on Elliott wave analysis of EUR/JPY for April 23, 2014
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