FX.co ★ Elliott wave analysis of EUR/JPY for June 13, 2014

Today's Support and Resistance levels:

R3: 139.18

R2: 138.74

R1: 138.55

Current spot: 138.34

S1: 138.04

S2: 137.72

S3: 137.51

Technical summary:

We finally found the bottom of wave (b) of the triangle consolidation at 137.72 and wave (c) higher towards 140.01 and more likely even closer to 141.10 developing. Ideally we will now see support at 138.16 protecting the downside for a break above 138.55 confirming the next minor rally towards 140.01. However, only a break below 137.72 will invalidate our call for wave (c) higher.

Trading recommendation:

We are long in EUR from 138.40 and will place stop at 137.65. If you are not long in EUR yet, then buy near 138.16 with the same stop at 137.65.