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22.10.201410:49 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 22 - 2014

Long-term review

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Today's support and resistance levels:

R3: 137.27

R2: 137.00

R1: 136.78

Current spot: 136.15

S1: 136.00

S2: 135.76

S3: 135.44

Technical summary:

We are still looking for a continuation higher towards 137.67 as long as support at 135.76 protects the downside. From the 137.67 target or upon an unexpected direct break below 135.76 the next impulsive decline to the 130.59 - 131.52 area is expected. If the top of wave B has been found already at 137.00, then the decline in wave C could reach 129.92.

Trading recommendation:

We will sell EUR at 137.67 or upon a break below 135.76

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