03.01.201411:28 Forex Analysis & Reviews: Elliott Wave Analysis of EUR/JPY for January 3, 2014

Long-term review

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Today's Support and Resistance Levels:

R3: 143.63

R2: 143.25

R1: 142.81

Current Spot: 142.59

S1: 142.30

S2: 142.10

S3: 141.76

Technical Summary:

The powerful break below the base channel support line does support our count perfectly. Short-term we should see support at 142.30 protecting the downside for a red wave iv correction towards 143.26. The red wave iv correction will likely be a simple zig-zag correction as the red wave ii correction was a flat correction. Once red wave iv is done near 143.26, we will be looking for red wave v to go lower towards 140.98.

Trading Recommendation:

Take profits on the short EUR position from 145.10 here at 142.59 for a nice profit. Re-sell EUR at 143.15 with a stop at 144.50 and place take profit at 141.15.

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