17.11.201414:43 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 17 - 2014

Long-term review

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Today's support and resistance levels:

R3: 145.64

R2: 145.47

R1: 145.08

Current spot: 144.90

S1: 144.78

S2: 144.54

S3: 144.28

Technical summary:

We have just seen the expected rally to 145.92 and this target was even exceeded with a spike to 146.53 before the top was finally in place. Now, we will be looking for a correction towards wave iv at 142.06 before the next impulsive rally higher can be expected. At this point, only a direct break above resistance at 146.53 will call for a continuation higher to 148.30 before the final top is in place.

Trading recommendation:

Our take profit at 145.75 was hit and we booked a nice little profit on our longs from 144.71. We will sell EUR at 145.80 with stop placed at 146.60.

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