FX.co ★ Elliott wave analysis of EUR/JPY for November 14 - 2014

Today's support and resistance levels:

R3: 145.92

R2: 145.50

R1: 1.4505

Current spot: 144.65

S1: 144.22

S2: 143.92

S3: 143.60

Technical summary:

The decline from 144.71 has been way to small wave iv correction. So, we have changed our count slightly that wave iii ended at 144.20 and wave iv corrected exactly 23.6% of wave iii. That means we are currently in wave v higher towards 145.92 as the first possible target, with the possibility of an extension higher towards 148.30. Short-term support at 144.22 ideally will protect the downside for the break above 144.71 confirming the rally higher to 145.92.

Trading recommendation:

We will buy a test of 144.22 or a break above 144.71 with a stop at 144.00 and we will place take profit at 145.75.