FX.co ★ Elliott wave analysis of EUR/JPY for December 30, 2014

Technical summary:

The x-wave we where looking for ended early at 147.22; and now we will be looking for a decline in wave y to 142.44, where wave y will be equal in length to wave w. In short-term we expect minor resistance at 145.75 to protect the upside for a continuation lower to 144.71.

Trading recommendation:

We sold EUR at 145.90 and will place our stop at 146.55 and take profit at 142.50.