17.07.201412:43 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 17, 2014

Long-term review

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Today's support and resistance levels:

R3: 137.67

R2: 137.54

R1: 137.44

Current spot: 137.38

S1: 136.74

S2: 136.54

S3: 136.22

Technical summary:

The expected decline towards the next downside target at 135.49 is unfolding nicely. In the short term, we are looking for resistance at 137.67 for the next decline lower to 136.74 on the way lower to 136.22 and 135.49. We still expect that the downward move will accelerate even more than we already have seen. We would like to see a firm break below 136.74 soon.

Trading recommendations:

We are short in EUR from 138.95 and will move our stop lower to 138.10. If you are not short in EUR yet, then sell near 137.67 or upon a break below 137.22 with the same stop at 138.10

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