FX.co ★ Elliott wave analysis of EUR/JPY for October 30 - 2014

Today's support and resistance levels:

R3: 137.72

R2: 137.52

R1: 137.42

Current spot: 137.41

S1: 137.22

S2: 136.90

S3: 136.70

Technical summary:

The correction in wave B ended slightly higher than the ideal 137.82, with a top at 138.03. Now, we will be looking for a break below support at 136.56 as the final confirmation, that wave B did indeed end at 138.03 and wave C lower to 130.99, where wave C will be equal in length to wave A. Short term, we will be looking for resistance at 137.53 to protect the upside for the decline to 136.59 and below.

Trading recommendation:

We are short in EUR from 137.70 with stop place at 138.10. If you are not short in EUR yet, then sell near 137.52 with the same stop at 138.10