FX.co ★ Elliott wave analysis of EUR/JPY for December 10 - 2014

Technical summary:

The break below the minor support-line from 145.58 confirms that wave c lower to 144.79 is unfolding. In the short term, we expect minor resistance at 148.37 to protect the upside for a break below 146.80 confirming the next wave lower to the 144.79 target. If however, the minor resistance at 148.37 is broken, that would delay the expected decline for a move closer to 148.88, but likely not above.

Trading recommendation:

We are short in EUR from 147.97 with stop placed at 148.95. If you are not short in EUR yet, then sell near 147.65 with the same stop at 148.95.