FX.co ★ Elliott wave analysis of EUR/JPY for November 21, 2017

Wave summary:

We continue to look for more downside pressure in wave (E) of the huge triangle consolidation. The ideal downside target for wave (E) is seen near 123.43.

Short-term, we expect minor resistance near 132.60 to be able to cap the upside for renewed downside pressure through support at 131.14 confirming the expected decline towards 128.91 on the way lower to 123.43.

R3: 133.13

R2: 132.75

R1: 132.32

Pivot: 131.80

S1: 131.14

S2: 130.81

S3: 130.39

Trading recommendation:

We are short EUR from 133.10 with our stop placed at break-even