FX.co ★ Elliott wave analysis of EUR/JPY for December 20, 2018

EUR/JPY continue to consolidate , but it should be a matter of time before short-term important support at 127.70 is broken for real and a continuation lower in wave C towards the long-term ideal target at 123.66 is seen.

Short-ter resistance is now seen in the 128.38 - 128.56 area, which should continue to cap the upside for the expected break lower.

R3: 129.26

R2: 128.56

R1: 128.22

Pivot: 128.00

S1: 127.70

S2: 127.20

S3: 126.63

Trading recommendation:

We are short EUR from 128.05 with our stop placed at 128.65.