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11.10.2012 10:34 AM
EUR/JPY - Elliott Wave Analysis for October 11 - 2012

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Today’s Support and Resistance Levels:

S1: 100.14                    R1: 100.85
S2: 99.78                      R2: 101.16
S3: 99.63                      R3: 101.43

Technical Overview:

With the test of 100.15 we have likely seen the low of the Triangles wave C. If this view is correct, we should see a break above 100.85 soon. And, more importantly, a break above 101.16 confirms the next move higher in wave D of the Triangle towards 101.84 and likely slightly above before we can expect wave E of the Triangle to set in.
At no point should we see a break below support at 99.63 as that would invalidate the triangle scenario and call for a deep decline towards 98.63.

 

Trading Recommendation:
You should be long EUR from 100.25 with stop at 99.60 and take profit at 101.85. 

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