FX.co ★ Elliott wave analysis of EUR/JPY for October 18, 2017

Wave summary:

The decline in EUR/JPY has stalled at the 131.70 support, It should be a matter of time before this support is broken for a continuation lower towards 130.73 and possibly even lower. Short-term we expected minor resistance at 132.38 will continue to cap the upside for the break below 131.70.

R3: 132.92

R2: 132.72

R1: 132.38

Pivot: 132.00

S1: 131.70

S2: 131.34

S3: 131.00

Trading recommendation:

We are short EUR from 132.65 with stop placed at break-even. We will take profit on half the position at 130.80.