FX.co ★ Elliott wave analysis of EUR/JPY for December 27, 2017

Wave summary:

EUR/JPY has barely moved into a dull holiday Market. We continue to look for a final spike higher to 137.37 to complete wave (D) as long as minor support seen at 133.57 is able to protect the downside. From 137.37 or upon a direct break below 133.57 renewed downside pressure towards 131.14 is expected on the way towards the ideal (E)-wave target seen at 123.43.

R3: 136.05

R2: 135.75

R1: 134.90

Pivot: 134.40

S1: 133.84

S2: 133.62

S3: 133.24

Trading recommendation:

We are long EUR from 134.10 with stop+reverse at 133.55.