18.08.201411:06 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 18, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Today's support and resistance levels:

R3: 137.42

R2: 137.36

R1: 137.28

Current spot: 137.14

S1: 136.95

S2: 136.75

S3: 136.60

Technical summary:

Wave iv spiked higher that the expected 137.34 (the high came in at 137.61), but most importantly resistance at 137.70 held firm. Now, we should see the final decline towards the ideal target at 134.34. The decline from 137.61 is in five waves. In the short term, we should see resistance in the 137.36 - 137.42 area protecting the upside for a break below support at 136.95 confirming the next decline towards 135.05 before a flat or tiangle consolidation and then the final decline to 134.34 to end wave C.

Trading recommendation:

We are short in EUR from 137.30 with stop placed at 137.75. If you are not short in EUR yet, then sell near 137.36 with the same stop at 137.75.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.