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08.08.2012 12:59 PM
EUR/JPY Elliott Wave Analysis for August 8 - 2012

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Today's Support and Resistance Levels:

S1: 96.83                      R1: 97.40

S2: 96.44                      R2: 97.80

S3: 96.27                      R3: 98.13

 

 

Technical Overview:
Having failed to break above 97.80, the correction in red wave ii can be still regarded as a flat correction, which means that we shall see one more decline below 96.70 before red wave ii is over. Then a more powerful red wave iii can take over for a rally towards 100.30 and possibly higher towards 101.52.

Trading Recommendation:
You should be long EUR against JPY from 95.85 with a 94.95 stop. If you are not long EUR already, use the decline to just below 96.70 to buy EUR with the same stop.

Summary
Urgency
Analytic
Torben Melsted
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