09.04.201409:00 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for April 9, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 141.61

R2: 141.15

R1: 140.82

Current spot: 140.72

S1: 140.44

S2: 140.08

S3: 139.81

Technical summary:

There was no time for the correction unfold further and we saw a direct decline. The failure to extend the correction was an indication of underlying strength of the trend. This was also seen as the possible target at 141.00 was broken with no problems and the decline is extending. In the short term we will be looking for resistance at 140.82 for one last decline towards 139.81 before a larger correction should be expected towards 141.89.

Trading recommendation:

We have missed our entry and will wait for a new selling opportunity near 141.89.

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