Technical analysis of EUR/JPY for January 2, 2014 Trend News

General overview for 02/01/2014 11:00 CET

Today we will take more broader look at this pair on weekly, daily and intraday charts.

From the bigger perspective view the Elliott Wave count on the weekly chart still shows the possibility of another high that could be made as long as the DEMAND ZONE between the levels of 138.25 - 139.50 will provide the support. Only if this level is broken, the price might test the lower levels of the previous wave four area.

The count on daily chart with the alternate labeling of wave 4 black Triangle pattern looks unfinished as well. There are missing waves 4 and 5 purple of the overall impulsive wave progression.

The intraday range zone indicated couple of days ago has been maintained and as long as support zone holds the line, the price is about to be ready to make another high. Please notice that on H4 time frame chart the price stays within the blue uprising channel and currently is testing the Weekly Pivot level. The H1 chart clearly shows that only a breakout below the SUPPORT ZONE is bearish and, according to the EW labeling, a Triangle breakout to the upside is expected here.

Support/Resistance:

146.71 - WR1

145.68 - Swing High

145.14 - Intraday Resistance

144.34 - Intraday Support

144.26 - Weekly Pivot

143.52 - Invalidation Line

Trading recommendations:

As long as the support zone between the levels of 144.18 - 144.34 holds, long positions should be in play with SL below the level of 144.17 and TP at the level of 145.16 and 145.68.

Breakout below 144.17 is bearish.

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#USDX analysis for January 2, 2014 Trend News

The Dollar index, despite gapping up today, has reached the important resistance level at 80.40 that we noted in our last analysis and was rejected right away. Prices are pulling back down to fill the gap. The current price action remains corrective inside the triangle boundaries. We remain neutral.

As can be seen in the chart above, prices got rejected in the upper triangle boudaries. We expect the lower level at 80.10-15 to be tested. Trend remains sideways. We prefer to stay neutral until we see a formation that will increase our probabilities of a profitable trade. Sometimes it is wise not to have any position at all and that is our strategy now.

Nothing new from the daily chart as well. Prices remain in a sideways corrective pattern. We have no buy or sell signal from the daily chart.

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Elliott Wave Analysis of EUR/NZD for January 2, 2014 Trend News

Today's Support and Resistance Levels:

R3: 1.6818

R2: 1.6790

R1: 1.6765

Current Spot: 1.6733

S1: 1.6683

S2: 1.6621

S3: 1.6569

Technical Summary:

We are currently at strong support near 1.6683 and a break below here will indicate continuation towards the 1.6569 area. However, if this support protects the downside from a break above 1.6807, the green wave ii will be done and a new powerful rally towards 1.6996 and higher to 1.7239 will be in green wave iii. For now we just have to be patient and let time show us which scenario is the correct one.

Trading Recommendation:

Book your profit from the short position taken at 1.6785 here. Look to sell EUR again at 1.6785 with a stop at 1.6820.

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