FX.co ★ Elliott wave analysis of EUR/JPY for July 1, 2014

Today's Support and Resistance levels:

R3: 139.81

R2: 139.37

R1: 139.18

Current spot: 138.88

S1: 138.73

S2: 138.41

S3: 138.06

Technical summary:

The failure to accelerate lower yesterday is of course dissapointing and calls for a prolonged correction towards the 61.8% corrective target at 139.18 before wave ii finally is in place. From 139.18 or upon a break below support at 138.73, we will be looking for the next impulsive decline towards 136.23 and possibly even lower.

Trading recommendation:

Our stop at 139.00 was hit and we will sell EUR again at 139.15 with a stop at 140.15.