18.09.201411:05 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 18 - 2014

Long-term review

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Today's support and resistance levels:

R3: 140.37

R2: 140.20

140.05

Current spot: 140.00

S1: 139.84

S2: 139.73

S3: 139.61

Technical summary:

There was no time for a deeper red wave ii correction, than to 138.53 and the uptrend has resumed for a rally to important resistance at 143.79. It will be resistance at 143.79 which determines, whether a new long-term rally is developing or the correction from 145.69 will become more complex. We are trading this cross as if the correction from 145.69 is over and a new impulsive rally is developing. A clear break above 143.79 will call for a rally towards at least 167.09 and likely even higher to 186.63.

Trading recommendation:

We are long in EUR from 135.95 and will move stop higher to 138.50. If you are not long in EUR yet, then buy near 139.61 with the same stop at 138.50.

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