Elliott wave analysis of EUR/JPY for October 24 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.82

R2: 137.50

R1: 137.01

Current spot: 136.78

S1: 136.70

S2: 136.52

S3: 136.29

Technical summary:

It is still not clear, whether wave B ended at 137.01 or wave B still needs a little more upside towards the 137.82 - 137.94 area to finish wave B. We slightly prefer the scenario, where wave B ended at 137.01, but to confirm that, we will need a break below minor support at 136.52 and more importantly a break below support at 136.04, that would call for a new decline to 134.14 on the way lower to 133.40 in wave iii. Only a direct break above 137.01 will tell us, that wave c of B still needs to rally to 137.82 before wave B is over and wave C will be ready to take over.

Trading recommendation:

We are short in EUR from 135.76, with stop placed at 137.10. If the stop is hit, we will re-sell EUR at 137.70.

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



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