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03.07.2014 03:04 PM
Elliott wave analysis of EUR/JPY for July 3, 2014

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Today's support and resistance levels:

R3: 139.58

R2: 139.37

R1: 139.28

Current Spot: 139.11

S1: 138.95

S2: 138.76

S1: 138.54

Technical summary:

Support at 138.48 was never in any real danger of being broken and we have seen a rally to 139.28 as the high. This should be more than enough to fulfil the target for wave ii and we will now be looking for a break below support at 138.95 as the first indication that wave ii did end at 139.28. Meanwhile, a break below support at 138.54 will confirm the top for a decline towards 136.23 and possibly even lower.

Trading recommendation:

Our stop at 139.25 was hit. We will sell EUR again upon a break below 138.95 with a stop at 139.35.

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