FX.co ★ Elliott wave analysis of EUR/JPY for November 22, 2017

Wave summary:

Nothing new to add here.

We continue to look for a break below support seen at 131.14 for a decline towards 128.91 and lower towards the ideal target for wave (E) at 123.43. Short-term resistance is seen near 132.60, which we expect will be able to cap the upside for the break below support at 131.14 confirming the expected decline in wave (E).

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 stop placed at break-even.