Elliott wave analysis of EUR/JPY - Short term count

EUR/JPY

Today's Support and Resistance Levels:

R3: 144.40

R2: 143.79

R1: 143.62

Current Spot: 143.27

S1: 142.90

S2: 142.61

S3: 142.35

Technical Summary:

The unexpected break above 142.60 has prolonged the corrective cycle and we could possible see a test of 143.62 and maybe even closer to the 100% retracement target at 143.79, but we can not break above resistance at 143.79 as that would invalidate the above count and the alternate count will take over. That said, I still expect resistance at 143.62 and as the last defense resistance at 143.79 to protect the upside for a break below support at 143.21 and more importantly a break below support at 142.90 that will be the first good indication that the correction from 139.96 has ended. However, to confirm that wave iii is developing a break below 142.35 and more importantly a break below support at 141.79 is needed.

Only a break above resistance at 143.79 invalidates the bearish count and calls for a continuation back to 145.69 in a flat correction.