Elliott Wave Analysis of EUR/JPY for September 13, 2013
Today’s Support and Resistance levels:
Current Spot: 132.33
The correction from 133.37 has become deeper than intitially expected and by a break below 131.84 I have had to change my count slightly. The change has only left us with an even more bullish 1-2/1-2 count and once wave three really takes over it should be a very powerful rally higher towards 138.00, but first we need to figure out what we can expect for the short term. For the short term, I am looking for a minor correction towards the 132.15-132.24 area before the next rally higher. A break above 132.57 will confirm the rally higher towards 133.37 and higher towards 138.00. Only a break below 131.73 will delay the rally higher for a push lower towards 131.37 before we move higher again.
The stop at 132.30 was hit for another nice profit. Place new EUR buy orders at 132.25 or at 132.60 (one order done cancels the other), stop should be placed at 130.95.
The material has been provided by InstaForex Company – www.instaforex.com