FX.co ★ Elliott wave analysis of EUR/JPY for June 20, 2014

Today's Support and Resistance levels:

R3: 139.63

R2: 139.25

R1: 138.90

Current spot: 138.70

S1: 138.60

S2: 138.34

S3: 137.96

Technical summary:

Resistance at the 50% corrective target at 138.90 still protects the upside. However, until we see a break below minor support at 138.41, a rally slightly higher towards the 61.8% corrective target at 139.18 can not be excluded. If however, support at 138.41 gives away for a decline we can say that wave ii is in place and wave iii lower towards 134.67 is expected.

Trading recommendation:

We sold EUR at 138.55 and our stop is placed at 139.55. If you are not short in EUR yet, then sell near 138.90 or upon a break below 138.41 with the same stop.