26.09.201113:02 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 31, 2013

Long-term review

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Today's Support and Resistance levels:

R3: 145.69

R2: 145.17

R3: 144.95

Current Spot: 144.72

S1: 144.55

S2: 144.37

S3: 143.85

Technical summary:

Our expectation of a rally to 145.19 worked well, as we saw a top just 2 pips below at 145.17. We will now be looking for a break below minor support at 144.55, which will confirm a decline to at least 143.85. However, to confirm that we have seen an important top at 145.69 we need a break below 143.53. As long as important support at 143.53 protects the downside, we need to give the upside the benefit of the doubt by looking for one last rally above 145.69 once this decline is over.

Trading recommendation:

We sold EUR at 145.10 and will move our stop lower to 145.20 and take profit at 143.95. We will move our stop lower to 144.95 once we break below 144.55. If you are not short EUR yet, then sell a break below 144.55 with the same stop at 144.95 and take profit at 143.95.

Happy New Year and a Prosperous 2014!

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