FX.co ★ Elliott wave analysis of EUR/JPY for February 24, 2014

Today's Support and Resistance levels:

R3: 141.87

R2: 141.29

R1: 141.04

Current spot: 140.69

S1: 140.30

S2: 139.99

S3: 139.59

Technical summary:

We are still looking for the ongoing correction to hit resistance at 142.26 to end the X wave that began at 136.23. Once this X wave is finished, we should see renewed downside pressure towards 136.23 on the way lower towards the ideal corrective target, for the entire rally from 94.10 to 145.69, at 126.00.

Short-term support at 140.30 will ideally protect the downside for a break above minor resistance at 141.04 to confirm the next minor rally closer to the 142.26 target.

Trading recommendation:

We are neutral for now, but we will sell EUR at 142.00.