FX.co ★ Elliott wave analysis of EUR/JPY for April 10, 2014

Today's Support and Resistance levels:

R3: 141.55

R2: 141.24

R1: 141.06

Current spot: 140.90

S1: 140.63

S2: 140.08

S3: 139.43

Technical summary:

The correction we had been looking for became smaller than expected and it indicated that wave one from 143.47 is not over yet; therefore we changed our count slightly. Now we are looking for the final decline in blue wave v towards 139.43 before red wave i is over and red wave ii higher to 141.89 is expected. In the short term we expect minor resistance at 141.24 to protect the upside for a break below 140.62 confirming the decline towards 139.43.

Trading recommendation:

We missed our entry point at 141.89. We will sell EUR at 141.20 with a stop at 141.60 and take profit at 139.55.