FX.co ★ Elliott wave analysis of EUR/JPY for January 2 - 2015

Technical summary:

Wave y of the double zig-zag combination is currently unfolding. After a minor correction to 145.70, we will be looking for the next decline towards 143.56 and 142.44. It will take an unexpected rally above resistance at 147.22 to invalidate the expected decline.

Trading recommendation:

We sold EUR at 145.90 and will move our stop lower to break-even. If you are not short EUR yet, then sell it near 145.70 with the same stop at 145.90.