FX.co ★ Elliott wave analysis of EUR/JPY for November 13 - 2014

Today's support and resistance levels:

R3: 144.43

R2: 144.20

R1: 143.98

Current spot: 143.90

S1: 143.74

S2: 143.45

S3: 143.25

Technical summary:

The correction in wave iv is still unfolding and we should soon see a break below 143.75 and more importantly below 143.45 calling for a decline to 142.46 and possibly even slightly lower to 142.06 before the final rally in wave v higher towards 145.21 will follow. Only a direct break above 144.43 will indicate, that wave iv already is in place and wave v higher is developing.

Trading recommendation:

We will buy EUR at 142.20 with a stop at 141.75.