FX.co ★ Elliott wave analysis of EUR/JPY for September 22, 2015

Technical summary:

A break below support at 134.98 has just added more confidence in a call for a continuation lower towards 132.23 and even lower to 131.45 before the extended correction from 141.06 is over.

In the short term, the broken support at 134.98 will act as resistance, but even stronger short-term resistance is found just above 135.47.

Trading recommendation:

We are short EUR from 136.62 moving our stop lower to 136.20. If you are not short EUR yet, sell near 135.47 and use the same stop at 136.20.