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02.08.2012 10:16 AM
EUR/JPY Elliott Wave Analysis for August 2 - 2012

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Today's Support and Resistance Levels:

S1: 95.71                      R1: 96.05

S2: 95.50                      R2: 96.62

S3: 95.33                      R3:  97.32

 

 


Technical Overview:
The price action was sideways and very shallow since yesterday. The lack of dynamic price action signifies about possible deeper decline in blue wave ii towards 95.33, which a break below 95.88 will indicate. A break above minor resistance at 96.45 will indicate that blue wave ii did indeed ended at 95.50 and that blue wave iii is ongoing towards the 100.63 - 100.73 area.
Trading Recommendation:
You should be long EUR against JPY from 95.85 with a 94.05 stop. If you are not long EUR already the buy EUR at 95.40 or upon a break above 96.45 (buy at 96.50) - one cancels the other - with the same stop.

Summary
Urgency
Analytic
Torben Melsted
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