FX.co ★ Elliott wave analysis of EUR/JPY for December 12, 2017

Wave summary:

The minor rally from 132.21 looks exhausted, but we need a break below minor support at 133.41 to confirm that a top is in place for renewed downside pressure towards 132.21 towards strong support at 131.14, that needs to be broken to confirm wave (D) completed with the test of 134.50 and wave (E) now is developing towards 123.43.

As long as minor support at 133.41 is able to protect the downside a final spike close to 134.05 can not be excluded, before turning lower again.

R3: 134.50

R2: 134.17

R1: 133.97

Pivot: 133.41

S1: 133.11

S2: 132.69

S3: 132.23

Trading recommendation:

We will sell EUR at 134.00 or upon a break below 133.41 with stop placed at 134.60.