EURJPY Elliott Wave Analysis for September 12 - 2012

EURJPY Elliott Wave Analysis for September 12 - 2012

Today's Support and Resistance Levels:

S1: 99.84 R1: 100.32

S2: 99.52 R2: 100.60

S3: 99.18 R3: 100.90

Technical Overview: 

We saw the expected minor correction down to 99.52 yesterday and should now be ready for the last push higher towards the ideal target at 100.60. A test of 100.60 will likely mark the top of red wave 5 and black wave 3 and we should then be looking for black wave 4 down towards 98.40 and likely even 97.72 as black wave 4 corrects black wave 3 and sets us up for the last impulsive rally towards the 101.40 - 101.60 area.

In short-term we should expect support at 99.84 and again at 99.52. 

Trading Recommendation: 

We will sell EUR against JPY at 100.55 or at 99.45 (one order cancels the other) With a stop at 100.90 and take profit at 97.90.

EURJPY Elliott Wave Analysis for September 12 - 2012 - Source: InstaForex