20.05.201411:32 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 20, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 140.58

R2: 140.15

R1: 139.63

Current spot: 138.99

S1: 138.77

S2: 138.17

S3: 137.38

Technical summary:

The minor correction we were looking for could already have ended at 139.31 and the next impulsive decline is under way towards 137.01. It is usual to see very small or even sub-normal correction during wave three and this correction, if it is finished, has clearly been sub-normal. However, a break below support at 1.3861 will confirm that the next impulsive decline lower to 137.01 should be expected.

Trading receommendation:

Stay short in EUR from 140.95 and move the stop lower to 139.40 upon a break below 138.61. If you are not short in EUR yet, then sell after a break below 138.61 with the same stop at 139.40.

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