FX.co ★ Elliott wave analysis of EUR/JPY for June 30, 2014

Today's Support and Resistance Levels:

R3: 138.78

R2: 138.60

R1: 138.46

Current Spot: 138.36

S1: 138.08

S2: 137.89

S3: 137.72

Technical Summary:

We are finally move lower from the strong resistance at 138.90 and we would like to see minor resistance at 138.46 protect the upside for a break below support at 138.08 confirming a new test of the 137.72 low on the way lower to 136.23.

A break above 138.46 will delay the downside for a move closer to 138.60, but the upside should be very limited from here.

Trading Recommendation:

We are short EUR from 138.55 and move stop lower to 139.00. If you are not short EUR yet, then sell near 138.46 or upon a break below 138.08, with the same stop at 139.00