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04.09.2014 02:34 PM
Elliott wave analysis of EUR/JPY for September 04, 2014

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Today's support and resistance levels:

R3: 138.47

R2: 138.27

R1: 138.01

Current spot: 137.89

S1: 137.68

S2: 137.58

S3: 137.38

Technical summary:

We have seen the expected small correction from the 138.27 high. Now, we should be ready for the next rally higher through 138.01 and more importantly above 138.27 for a rally towards 140.07 and higher. A strong break above 138.01 will also trigger the inverse S/H/S bottom, confirming the 140.07 target. That said, we have to accept the risk of a slightly deeper correction towards 137.38 as long as the minor resistance at 138.01 protects the upside.

Trading recommendation:

We are long in EUR from 137.35 and will keep our top at 136.45 for now. If you are not long in EUR yet, then buy near 137.38 or upon a break above 138.01 with the same stop at 136.45.

Ringkasan
Urgensi
Analitik
Torben Melsted
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