FX.co ★ Elliott Wave Analysis of EUR/JPY for October 10, 2013

Today's Support and Resistance levels:

R3: 132.69

R2: 1.3236

R1: 132.18

Current Spot: 131.89

S1: 131.74

S2: 131.51

S3: 131.12

Technical summary:

There is no more time left, we are at a make-it-or-break-it point. Either the triangle concept is going to hold, by breaking above 132.18 for a continuation higher towards 133.21 and 134.95 on the way to 132.69 or we are going to see a break below support line, which currently is near 130.90 for a continuation lower towards 127.97 and 120.22.

We still prefer the triangle concept (see the chart above), but there is the opportunity that the market shows us a breaks below the support line near 130.90, which brings our alternate count into the picture (see the chart below).

Trading recommendation:

Buy upon a break above 132.18 (buy at 132.20) with a stop at 131.10 or sell after a break below 130.90 (sell at 130.85) with a stop at 132.20.