Today's support and resistance levels:
R3: 137.27
R2: 137.00
R1: 136.78
Current spot: 136.63
S1: 136.47
S2: 136.23
S3: 136.00
Technical summary:
Wave a of Y ended a little early and we are correctly in wave b of Y, which could move higher to 137.67 before wave c lower takes over for a decline towards 130.59 - 131.52. The wave count in wave a has not been very clear, which has made it very hard to track probably, but with the break above minor resistance at 136.23 there can be no more doubt that wave b is unfolding before wave c lower.
Trading recommendation:
Our stop at break-even was hit and we will look for a EUR-selling opportunity near 137.67.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for October 20, 2014 . Thanks for your support.
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