FX.co ★ Elliott wave analysis of EUR/JPY for November 27 - 2014

Today's support and resistance levels:

R3: 147.41

R2: 147.19

R3: 146.99

Current spot: 146.77

S1: 146.50

S2: 146.29

S3: 146.03

Technical summary:

Wave b extended slightly higher to 147.41, but it should just be a matter of time before support at 146.50 is broken and will indicate that wave c lower to 143.88 on the way towards 142.06. Short term we should expect resistance at 146.98 will protect the upside for the break below 146.50 and more importantly a break below 146.29 confirms wave c lower.

Trading recommendation:

We are short in EUR from 146.90 and will move our stop lower to 147.05. If you are not short in EUR yet, then sell upon a break below 146.50 with the same stop at 147.05.