16.06.201409:11 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 16, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 138.56

R2: 138.23

R1: 137.95

Current spot: 137.80

S1: 137.72

S2: 137.50

S3: 137.20

Technical summary:

Support at 137.72 (the starting point of wave i) needs to protect the downside for a break above minor resistance at 137.95 and more importantly, a break above resistance at 138.23 that confirms a new rally towards 138.56 on the way towards 140.08 and likely even higher towards 141.10. If however, support at 137.72 is broken, that will delay the upside for a move closer to 137.50 and maybe even 137.20 before the bottom of wave (b) finally is in place.

Trading recommendation:

We are long in EUR from 138.40 with stop at 137.65. If you are not long in EUR yet, then buy upon a break above 132.95 with the same stop at 137.62.

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