Today’s support and resistance levels:
R3: 137.29
R2: 137.05
R1: 136.81
Current spot: 136.61
S1: 136.36
S2: 136.06
S3: 135.73
Technical summary:
We have finally seen the expected break below short-term important support at 136.81, which ideally will protect the upside now; but only a break above resistance at 137.29 will cause concern. We are still looking for a decline to 135.73 on the way lower to the equality target at 134.34, from where a new rally is expected. We also have to say, that the decline from 138.00 is not as pretty as we could have wished for, but no unexpected events have occurred to cause concern.
Trading recommendation:
We are short in EUR from 137.75 and will move our stop lower to 137.35. If you are not short in EUR yet, the sell near 136.81 with stop placed at 137.35.
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Performed by Torben Melsted, Analytical expert InstaForex Group © 2007-2014 |
Elliott wave analysis of EUR/JPY for August 29, 2014
Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies waves identified as impulse waves that set up a pattern and corrective waves that oppose the larger trend.
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