FX.co ★ Elliott wave analysis of EUR/JPY for July 24, 2014

Today's support and resistance levels:

R3: 137.00

R2: 136.73

R1: 136.60

Current spot: 136.45

S1: 136.36

S2: 136.25

S3: 136.09

Technical summary:

Not much news to add here. We are still looking for a correction to just below 137.34 to end red wave iv and set the stage for red wave v lower to 135.49. In the longer term, we are still looking for a decline to 134.34, where wave C will equal wave A in length.

Trading recommendations:

Our stop-profit at 136.65 was hit for a nice profit. We will sell EUR again at 137.20 with stop place at 138.15.