FX.co ★ Elliott Wave analysis of EUR/JPY for December 27, 2013

Today's Support and Resistance levels:

R3: 145.62

R2: 145.13

R1: 144.73

Current Spot: 144.49

S1: 144.24

S2: 143.61

S3: 143.29

Technical summary:

Trying to pick the top has proven to be a hard nut to crack. However, the upside should be limited from here. We will likely not see more than 144.73 tested, but to indicate, that the top is in place a break below 143.61 is needed. However only a break below 140.98 confirms, that the top of wave 5 is in place and that a major correction towards at least 124.95 id developing.

Short term we will be looking for a move closer to resistance at 144.73 as long as support at 144.24 protects the downside. 

Trading recommendation:

Our stop at 144.15 was hit for a loss. We will sell EUR upon a break below 144.24 with a stop just above the top set before the break.