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EUR/JPY Elliot daily waves are bullish

FXStreet (Guatemala) - EUR/JPY is trading at 139.41, up 0.04% on the day, having posted a daily high at 139.46 and low at 139.32.

With Abe's comments on the Yen the pair had seen some follow through on the upside but that soon corrected overnight and there is scope once again for play back towards the middle of the 140’s according to Karen Jones, chief analyst at Commerzbank who had commented suggesting any moves to around 139.10 would be short lived based on the daily chart’s Elliot waves counts. "The move beyond 141.21 has introduced scope to 141.88 and 143.55 (61.8% and 78.6% retracement of the move seen this year). This is regarded as the last defence for the 145.68 December 2013 high”.

EUR/JPY support and resistance levels

Support levels: 139.20 138.80 138.40

Resistance levels: 139.50 140.00 140.40

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