FX.co ★ Elliott wave analysis of EUR/JPY for October 4, 2017

Wave summary:

We continue looking for more downside pressure in wave (E) and is currently looking for a break below minor support at 132.04 to confirm the next decline towards 130.37. Short-term resistance is seen at 132.89, which ideally will be able to protect the upside for the expected break below 132.04.

R3: 133.12

R2: 132.89

R1: 132.62

Pivot: 132.50

S1: 132.04

S2: 131.71

S3: 131.13

Trading recommendation:

We are short EUR from 133.00 with stop placed at 133.55. If you are not short EUR yet, then sell a break below 132.04 and placed you stop at 132.95