(Please click at the charts to see them better)
EUR/JPY
Today's Support and Resistance Levels:
R3: 143.52
R2: 143.09
R1: 142.85
Current Spot: 142.66
S1: 142.35
S2: 141.79
S3: 141.48
Technical Summary:
The wave ii correction, I expected, is unfolding nicely and I will be looking for resistance in the 143.09 - 143.17 area to halt the correction and turn prices down in wave iii. From 143.17 or upon a break below 142.35 wave iii should decline towards at least 137.48 and likely even lower towards 134.62.
Short term expect support at 142.35 will protect the downside for the final rally higher into the resistance area between 143.09 - 143.17 before down again.
Today's Support and Resistance Levels:
R3: 1.6435
R2: 1.6405
R1: 1.6385
Current Spot: 1.6354
S1: 1.6339
S2: 1.6298
S3: 1.6262
Technical Summary:
The wave (iv) correction I where looking for is unfolding nicely. Expect support at 1.6340 to protect the downside for the last rally higher towards the 1.6405 -1.6415 area, before wave (v) lower will take over for a decline towards at least 1.6129 and maybe even lower towards 1.5962. Once wave (v) and iii is over expect a new correction, that will stay below 1.6405 in wave iv and then a final decline lower to 1.5793 to end the major correction that began at 1.7274 in late August 2013.
Hi Elliott Wave Surfer! Thank you for your charts and analysis very much. I just found your blog yesterday and think it's a great place to check my assumptions. What do you think about the recent price action on EUR/JPY? The price broke below 142 reaching as low as 141.6X, but does not seem to go down. Looks like wave 2 is still being finished and we are in flat. What are your expectations? Does not seem there is enough momentum to bring price higher to 143.XX area and no sign that wave 3 started to unwind, no track of impulses. What are your expectations? Thank you.
ReplyDeleteHi Max,
DeleteFirst thank you very much for the kind Words, they are really appreciated.
I think EUR/JPY has begun a major correction of the rally of the 94.10 low to the 145.69 high.
The ideal target for this correction will be at the 38.2% corrective target, which comes in at 125.98, which also is close to the bottom of wave fours of one lessor degree, which comes in at 124.96.
Kind regards
EWS
hello ews!
Deletei hope youre right. you know my picture of the eujpy, but your`s well be better. the wave V will be much higher than be my sight. you think this ist the I and II like 2000 oct. - 2001 mai.