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05.11.201411:52 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 5 - 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.

Exchange Rates 05.11.2014 analysis

Today's support and resistance levels:

R3: 143.44

R2: 143.26

R1: 143.16

Currnt spot: 143.13

S1: 142.85

S2: 142.50

S3: 142.18

Technical summary:

EUR/JPY is just powering ahead higher, but we think that red wave iii ended at 143.44 and after a correction towards 141.83 in red wave iv, red wave v will take over for the next rally higher towards 144.64. In the short term, a break below support at 143.04 will confirm that the correction in red wave iv is unfolding. After a powerful rally like what has been seen in red wave iii, we should only expect a minor correction in red wave iv.

Trading recommendation:

We bought EUR at 142.25 and will lift our stop to 143.00 and if done, we will re-buy EUR at 142.00 with a stop at 140.30.

Torben Melsted
Analytical expert of InstaForex
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