10.11.201412:08 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 10 - 2014

Long-term review

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Today's support and resistance levels:

R3: 143.05

R2: 142.88

R1: 142.65

Current spot: 142.27

S1: 142.05

S2: 141.95

S3: 141.70

Technical summary:

The correction from 144.22 towards 141.70 is still unfolding. However, once this correction is over, look for a new rally towards the first target for red wave v at 145.21 to end wave iii and set the stage for yet another correction in wave iv. We still have some upside to cover, but will soon enter the final phase of the rally of the 134.14 low. Short term, only a break above 143.06 will confirm that the correction is over.

Trading recommendation:

We will buy EUR at 142.00 or upon a break above 143.62 with a stop at 140.50 and place take profit at 145.00.

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