FX.co ★ Elliott wave analysis of EUR/JPY for April 21, 2014

Today's Support and Resistance Levels:

R3: 142.52

R2: 142.17

R1: 141.82

Current Spot: 141.78

S1: 141.64

S2: 141.23

S3: 140.98

Technical Summary:

As long as support at 141.64 and more importantly as long as support at 141.55 protects the downside, we will be looking for the finally rally higher towards 142.17 before red wave iii lower towards 136.33 takes over. Only a direct break below 141.55 indicates that red wave ii ended early and red wave iii lower already is developing. A break below support at 141.23 confirms that red wave iii is under way towards 136.33

Trading Recommendation:

We will sell EUR at 142.05 or upon a break below 141.63 with a stop at 143.50 expecting to be able to lower the stop soon.