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25.08.201412:30 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 25, 2014

Long-term review

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Today's support and resistance levels:

R3: 137.66

R2: 137.43

R1: 137.30

Current spot: 137.27

S1: 137.14

S2: 137.00

S3: 136.81

Technical summary:

We have seen a rejection from resistance at 138.01, but we are not quite safe yet, as we need a break below support at 136.81 to confirm that the final decline towards 134.34 is developing. As we are locked inside an expanded ending diagonal, the expected decline towards 134.34 is unlikely to be pretty easy. In the short term, we will be looking for minor resistance at 137.30, which ideally will protect the upside for a decline to 136.81 and below, but only a break above resistance at 137.43 will cause concern.

Trading recommendation:

We are short in EUR at 137.75 and will move stop lower to 137.70. If you are not short in EUR yet, then sell a break below 137.14 with the same stop at 137.70.

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