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16.04.201409:43 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for April 16, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 142.23

R2: 141.89

R1: 141.55

Current spot: 141.41

S1: 141.15

S2: 140.90

S3: 140.60

Technical summary:

We do expect more downside pressure, but green wave ii has become much larger than expected, however, it is allowed to correct all of green wave i, which means a return to 141.55, but it cannot break above this important resistance even by one pip as that would change our preferred short-term count to a more complex blue wave iv correction. However, if resistance at 141.55 does protect the upside for a break below 141.15 and more importantly a break below 140.82, we will be looking for green wave iii towards 139.72 and maybe even slightly deeper towards 139.43.

Trading recommendation:

Our stop at 140.95 was hit for a nice little profit. We will sell EUR again here at 141.41 with a stop at 141.60.

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