empty
 
 
30.09.2013 09:00 AM
Elliott Wave Analysis of EUR/JPY for September 30, 2013

This image is no longer relevant

Today's Support and Resistance levels:

R3: 133.53

R2: 132.95

R1: 132.42

Current Spot: 132.05

S1: 131.34

S2: 130.95

S3: 130.51

Technical summary:

With the break below 132.88 late Friday we knew, that the 1-2/1-2 scenario was incorrect, and we needed to switch to our expanded leading diagonal scenario. This scenario calls for a deeper correction towards 132.11 and, maybe, even lower towards 131.43. For now, we have seen a low at 131.73 and, therefore, we should expect a short-term correction towards 132.42, before the next push lower towards the ideal corrective target near 131.43. Only from here we should expect wave iii to take over for the next impulsive rally higher towards 137.45 and possibly higher. But for now, we should stay focused on the downside as wave ii is in power.

Trading recommendation:

The stop at 132.85 was triggered for a small loss. Place a new EUR buy-order at 131.55 with a stop at 129.25 or buy EUR upon a break above 133.53 with a stop a few pips below the most recent low.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback