FX.co ★ Elliott wave analysis of EUR/JPY for November 1, 2013

Today's Support and Resistance levels:

R3: 134.22

R2: 134.05

R1: 133.83

Current Spot: 133.57

S1: 133.45

S2: 133.01

S3: 132.61

Technical summary:

Our new preferred count has worked out perfectly and red wave c of b is developing now. With the decline below 133.60, red wave c could end any time now. However, we are looking for minor resistance at 133.83 to protect the upside for one last decline towards 133.01, before red wave c of b is finally in place, and the c wave of wave v will take over for a rally towards 137.69 and maximum 138.39.

Only a direct break above 134.20 indicates that red wave c already has finished and the final wave c of v is developing already.

Trading recommendation:

We recommend to book your profit on the short positions from 134.70 here at 133.57 for a nice profit. Place a new EUR buy order at 133.20 or upon a break above 134.20.