23.05.201412:18 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 23, 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: 139.74

R2: 139.31

R1: 139.10

Current spot: 138.74

S1: 138.63

S2: 138.51

S3: 138.38

Technical summary:

We are still looking for a correction slightly higher towards 139.74 to end blue wave iv before the next decline in blue wave v towards 137.21. The short-term support at 138.51 ideally will protect the downside for the final part of the correction towards 139.74 and then lower in blue wave v. That said, it should be remembered that correction during wave three tends to small and even sub-normal and a direct break below 138.38 will indicate that is the case here.

Trading receommendation:

Sell EUR at 139.60 or upon a break below 138.83 with a stop at 141.25.

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.