Elliott wave analysis of EUR/JPY for October 23 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.27

R2: 137.00

R1: 136.78

Current spot: 136.15

S1: 136.00

S2: 135.76

S3: 135.44

Technical summary:

We are currently looking for signs to confirm whether wave B has ended early at 136.71 that a break below 135.63 and more importantly a break below 135.20 will confirm. However, if resistance at 137.00 is broken, then the B-wave is still unfolding for the final rally higher to 137.76 before wave C lower will be ready to take over for a decline to 130.59.

Trading recommendation:

We are short in EUR from 135.76 and will place our stop at 137.10. If you are not short in EUR yet, then sell after a break below 135.63 with the same stop.

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



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