15.10.201415:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 15 - 2014

Long-term review

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Today's support and resistance levels:

R3: 136.06

R2: 135.80

R1: 135.61

Current spot: 135.41

S1: 135.24

S2: 135.15

S3: 135.02

Technical summary:

We are currently looking for a break below support at 135.02, which should provide the acceleration lower in red wave iii that we are looking for. The target for red wave iii is ideally found at 132.66, where red wave iii will be 161.8% the length of red wave i. On the way lower, strong support should be expected at 133.58, which marks the 23.6% corrective target of the rally from 94.10 to 145.69. In the short term, we expect resistance at 136.05 to protect the upside for a break below 135.02.

Trading recommendation:

We are short in EUR from 135.70 and will keep our stop at 136.60. If you are not short in EUR yet, then sell near 136.05 with the same stop at 136.60.

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