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12.11.2014 12:11 PM
Elliott wave analysis of EUR/JPY for November 12 - 2014

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Today's support and resistance levels:

R3: 144.08

R2: 143.80

R1: 143.65

Current spot: 143.44

S1: 143.25

S2: 142.93

S3: 142.55

Technical summary:

Red wave v and wave iii seem to have ended early at 144.70 and that means a correction in wave iv currently is unfolding towards 142.46 and maybe even slightly lower to 142.06. At this point, only a quick rally above 144.43 will call for a continuation higher towards 145.21 to end wave iii, but at this point that outcome seems quite unlikely.

Trading recommendation:

We are long in EUR from 143.62 and will close our position here at 143.44 with a minor loss. We will re-buy EUR at 142.20 with a stop at 141.75.

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