USD/JPY Wave Analysis for November 26, 2012
2012-11-26 14:00:16 (читать в оригинале)
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USD/JPY Elliott Wave
For the last few days the USD/JPY pair was trading in a downward move, corrective (A) wave (coloured blue) of the bigger (B) wave (coloured green) was developing. During the Friday's Asian session we could observe descending movement from 82.38 toward the 82.05 level. Therefore, during the European and New York sessions the USD/JPY pair did not manage to hold this level and the price started pushing higher reaching a new daily high at 82.48 level. We can consider this move as the end of the (B) wave (coloured purple) of the bigger A wave (coloured blue). At the moment this currency pair is trading around 82.16 level and we are expecting to see the price lower at the end of this week. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 80.51 (61.8% of wave A). To reduce the risk, we can use resistance at 82.80 level as stop loss.
Support and Resistance
(S3) 81.67 (S2) 81.87 (S1) 82.11 (PP) 82.31 (R1) 82.55 (R2) 82.75 (R3) 82.99
Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the downward movement. That is why short positions at level 82.15 with stop loss 82.80 and take profit at 81.51 are recommended.
The material has been provided by Instaforex Company - instaforex.com
