26.11.201309:31 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 26, 2013

Long-term review

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Today's Support and Resistance levels:

R3: 138.30

R2: 137.99

R1: 137.58

Current Spot: 137.33

S1: 137.02

S2: 136.60

S3: 136.02

Technical summary:

After a high at 137.99 touched yesterday, we have seen a correction towards the important support at 137.02. As long as this support protects the downside, we will be looking for one last rally to a new high just above 137.99, but not beyond 138.30. As a break above 138.30 will make wave iii the shortest wave and that is not allowed under the Elliott Wave Principle. That means from just above 137.99 or upon a break below 137.02, we will be looking for a major correction towards at least 124.74.

Trading recommendation:

Keep your stop+reverse on long EUR-positions at 137.02 and your take profit + reverse at 138.20. Place stop at 138.35

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