FX.co ★ Elliott wave analysis of EUR/JPY for March 24, 2014

Today's Support and Resistance levels:

R3: 142.50

R2: 142.11

R1: 141.72

Current spot: 141.38

S1: 141.26

S2: 140.90

S3: 140.43

Technical summary:

As we predicted on Friday, a low was seen at 140.43 and a correction higher towards 142.11 - 142.50. This expected corrective cycle is unfolding according to our prediction and we expected this corrective target area to be tested soon. Once this correction terminates a renewed downside pressure towards at least 136.45 should be expected. A break below 141.26 will indicate that the corrective cycle has ended and wave iii lower is developing.

Trading recommendation:

Sell EUR at 142.40 or upon a break below 141.26 and place your stop at 143.85.