FX.co ★ Elliott wave analysis of EUR/JPY for September 19 - 2014

Today's support and resistance levels:

R3: 141.21

R2: 140.71

R1: 140.35

Current spot: 140.24

S1: 140.01

S2: 139.84

S3: 139.62

Technical summary:

The expected rally towards 143.79 is unfolding perfectly and we will now be looking for support near 139.84 for the next rally higher towards 143.79. In the short term, a break above minor resistance at 140.83 will confirm the next rally higher to 142.38 on the way higher to strong important resistance at 143.79. Only a break above 143.79 confirms, that we should expect much more upside.

Trading recommendation:

We are long in EUR from 135.95 with stop place at 138.50. If you are not long in EUR yet, then buy near 139.84 with the same stop at 138.50.