FX.co ★ Elliott wave analysis of EUR/JPY for December 15, 2017

Wave summary:

EUR/JPY has broken below support at 132.81 as expected and should now continue to move lower towards important support seen at 131.14. This support still needs to be broken to confirm that wave (D) indeed completed with the test of 134.50 and wave (E) lower is developing for a decline towards the ideal target seen at 123.43.

Short-term resistance is now seen at 132.81.

R3: 133.18

R2: 132.81

R1: 132.47

Pivot: 132.14

S1: 131.70

S2: 131.14

S3: 130.56

Trading recommendation:

We are short EUR from 133.40. We will move our stop lower to 133.80.