21.07.201410:13 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 21, 2014

Long-term review

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Today's support and resistance levels:

R3: 137.42

R2: 137.29

R1: 137.16

Current spot: 137.07

S1: 136.93

S2: 136.77

S3: 136.71

Technical summary:

After testing the channel support line, we are looking for a minor consolidation just above this support line before the next decline lower to the equality target at 134.34, where wave C will be equal in length to wave A. We should not see this consolidation move above 137.50 any time before the break below support at 136.77 confirming the next decline closer to 134.34.

Trading recommendations:

We are long in EUR from 138.95 with stop placed at 137.95. If you are not short in EUR yet, we could consider selling near 137.42 or upon a break below 136.77 with the same stop.

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