27.11.201309:45 Forex Analysis & Reviews: Elliott Wave Analysis of EUR/JPY for November 27, 2013

Long-term review

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Today's Support and Resistance Levels:

R3: 138.23

R2: 138.12

R1: 138.03

Current Spot: 137.92

S1: 137.60

S2: 137.10

S3: 136.60

Technical Summary:

As we expected, important support at 137.02 protected the downside for a new high at 138.03. The wave structure of this last rally from 137.10 does not look complete yet, therefore we expect support at 137.60 to protect the downside for one last marginal new high just above 138.03 likely in the 138.12 - 138.23 area before the final top of wave v of 5 is in place and a major correction towards at least 124.94 will take place. A break above the resistance at 138.30 will question our count for the ending diagonal, as a break above 138.30 will make wave iii the shortest wave which is not allowed under the Elliott Wave Principle.

Trading Recommendation:

Move your stop + revers on long EUR positions higher to 137.55. Keep your take profit + revers at 138.20.

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