FX.co ★ Elliott wave analysis of EUR/JPY for December 19 - 2014

Technical summary:

The expanded flat correction, we have been tracking is still unfolding nicely. We expect resistance at 146.76 will protect the upside for a break below support at 145.59 confirming a decline to 143.81 and maybe even lower to 142.05. Only an unexpected break above 146.76 will cause concern and a break above 147.03 will invalidate the call for one more new low and indicate that the correction from 149.13 ended early.

Trading recommendation:

We are still looking for a buying opportunity and will place a conservative buy-order at 147.05, just in case a premature low is seen.