FX.co ★ Elliott wave analysis of EUR/JPY for September 21, 2015

Technical summary:

We have seen a nice a strong decline from a high of 137.43 and now we will be looking for a break below important support at 134.98, which will confirm that wave z is developing lower.

In the short term, we will see resistance at 136.13 protecting the upside for a decline towards 132.23 and lower towards 131.45.

Trading recommendation:

We are short EUR from 136.62. We will move our stop lower to 136.50. If you are short EUR yet, then sell near 136.10 with the same stop at 136.50.