Elliott wave analysis of EUR/JPY for October 27, 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.82

R2: 137.35

R1: 137.00

Current spot: 136.81

S1: 136.50

S2: 136.29

S3: 136.06

Technical summary:

The break above 137.00 confirmed that the correction in wave B still was unfolding and that we should be looking for a move closer to 137.82 before wave B finally is over and wave C lower to 130.73 will be ready to take over. In the short term we could see a move slightly lower to 136.49 and maybe even to 136.06 before the final rally higher in wave B to 137.82 and then wave C should take over for a decline to 130.73.

Trading recommendation:

Our stop at 137.10 was hit. We will re-sell EUR at 137.70 with a stop at 138.10.

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