04.07.201413:48 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 4, 2014

Long-term review

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Today's Support and Resistance levels:

R3: 138.93

R2: 138.88

R1: 138.83

Current spot: 138.81

S1: 138.52

S2: 138.32

S3: 138.15

Technical summary:

The decline from the 139.28 high does look impulsive, but we will still like the final confirmation in the form of a break below support at 138.54, confirming a new decline to 137.70 on the way lower towards 135.23 and maybe even lower. As long as support at 138.54 protects the downside, we can not really exclude a new rally towards the upside, but the odds of a new high above 139.28 is very slime and we expect that minor resistance at 138.93 will protect the upside in case of a rally.

Trading Receommendation:

We sold EUR at 138.95 and placed stop at 139.35. If you are not short EUR yet, then sell near 138.93 or upon a break below support at 138.54 with the same stop.

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