22.07.201409:49 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 22, 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: 137.50

R2: 137.42

R1: 137.34

Current spot: 137.29

S1: 137.20

S2: 137.11

S3: 137.00

Technical summary:

We have seen a correction to 137.34 (well below the 137.50 maximum). Now, we are looking for a break below minor support at 137.20 to confirm that the correction is over and the next impulsive decline lower towards 134.34 is well underway. At 134.34, wave C will be equal in length to wave A. We should expect that support 134.34 will be able to protect the downside for a larger correction, but more about that, when we get there.

Trading recommendations:

We are short in EUR from 138.95 with stop placed at 137.95. If you are not short in EUR yet, then sell EUR near 137.34 with the same stop at 137.95.

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.