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Thursday, April 10, 2014

Elliott wave analysis of EUR/JPY - Short term count

EUR/JPY

Today's Support and Resistance Levels:
R3: 141.55
R2: 141.24
R1: 141.06
Current Spot: 140.90
S1: 140.63
S2: 140.08
S3: 139.43
Technical Summary:
The correction I was looking for became smaller than expected and this indicates, that wave one from 143.47 isn't over yet, therefore I has changed my count slightly and is looking for the final decline in blue wave v towards 139.43 before red wave i is over and red wave ii higher to 141.89 is expected. Short term I expect minor resistance at 141.24 to protect the upside for a break below 140.62 confirming the decline towards 139.43.

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