FX.co ★ Elliott wave analysis of EUR/JPY for December 1 - 2014

Technical summary:

We are still looking for wave b a little higher towards 148.25 before wave c lower towards 143.88 will be ready to take over. Short term, we should expect minor support at 147.31 will protect the downside for a break above minor resistance at 147.77 confirming the last rally higher to 148.25 and set the stage for wave c lower towards 143.88. Only a direct break below support at 146.88 will indicate that the wave is already over and wave c lower is already unfolding.

Trading recommendation:

We are still looking to sell EUR at 148.10 with a stop at 149.25.