FX.co ★ Elliott wave analysis of EUR/JPY for November 24 - 2017

Wave summary:

EUR/JPY continues to hover just above the short-term important support at 131.14. We need a break below this level to get things going towards the downside and confirm that wave (D) was completed with the test of 134.50 and wave (E) lower towards the ideal downside target near 123.43 is developing.

In the short term we could see another minor pop to 132.47 or just above, but it should just be a matter of time before the important support at 131.14 is challenged again.

R3: 133.13

R2: 132.75

R1: 132.47

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.