FX.co ★ Elliott wave analysis of EUR/JPY for February 26, 2014

Today's Support and Resistance levels:

R3: 141.87

R2: 141.29

R1: 140.83

Current spot: 140.62

S1: 140.37

S2: 140.13

S3: 139.74

Technical summary:

The minor triangle broke towards the downside for a test of support at 140.13 before renewed upside pressure emerged. Besides the small detour has changed nothing, and we are still looking for a move higher towards the ideal target at 142.26 before the x-wave from 136.23 finally comes to and end and the next decline towards the 38.2% corrective target of the rally from 94.10 to 145.69 sets in.

Trading recommendation:

We will sell EUR at 142.00.