Elliott wave analysis of EUR/JPY for February 19, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.41

R2: 141.87

R1: 141.26

Current spot: 140.57

S1: 140.26

S2: 139.95

S3: 139.49

Technical summary:

After a small correction towards 140.26, we should see more upside action towards the ideal target at 142.41 to finish the x-wave and setting the stage for the next decline lower towards 126.03 as the ideal corrective target for the impulsive rally from 94.10 to 145.69.

Trading recommendation:

Stay long in EUR from 140.10 and raise your stop to 139.95 and take profit at 142.25. If you are not long in EUR yet, then buy EUR close to 140.26 with the same stop at 139.95.

The material has been provided by InstaForex Company - www.instaforex.com



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