Elliott wave analysis for EUR/JPY - Short term count

EUR/JPY

Today's Support and Resistance Levels:

R3: 142.50

R2: 142.11

R1: 141.70

Current Spot: 141.47

S1: 141.22

S2: 140.96

S3: 140.64

Technical Summary:

We saw an attempt to break lower on Friday, but it failed and was followed by a quick rally above 140.95 indicating that the decline only was and x-wave in a complex corrective cycle. I'm now looking for support in the 140.64 - 140.96 area to protect the downside for one last rally higher towards 142.11 and maybe even higher towards 142.50 before renewed downside pressure is seen for a decline towards 136.45.

Elliott wave analysis for EUR/JPY - Short term count

EUR/JPY

Today's Support and Resistance Levels:

R3: 142.11

R2: 141.90

R1: 141.54

Current Spot:141.28

S1: 141.08

S2: 140.69

S3: 140.43

Technical Summary:

The complex correction from 140.43 is still unfolding. I continue to look for this ongoing wave ii towards the target area between 142.11 - 142.50 before the next impulsive decline can be expected. Short term I expect support at 141.08 will protect the downside for a break above minor resistance at 141.54, which will confirm a continuation higher towards the ideal target area between 142.11 - 142.40. Once this wave ii correction is over look for a decline to at least 136.45.