FX.co ★ Elliott wave analysis of EUR/JPY for December 6, 2017

Wave summary:

The break below 132.90 add confidence in our expectation that wave (D) completed with the test of 134.50 and wave (E) towards the ideal target of 123.43 is developing.

Short-term, we expect minor resistance at 133.22 to cap the upside for more downside pressure towards 131.70 and then important support at 131.14. A break below the later will confirm wave (E) developing towards 123.43.

R3: 133.75

R2: 133.50

R1: 133.22

Pivot: 132.62

S1: 132.28

S2: 131.70

S3: 131.14

Trading recommendation:

We are short EUR from 133.75 and will move our stop lower to break-even.