FX.co ★ Elliott wave analysis of EUR/JPY for December 22 - 2014

Technical summary:

We are still locked inside the red wave iv triangle, but it should just be a matter of time, before we will see a break out of the triangle towards the downside for a move closer to 143.81. In the short term, we expect resistance at 146.74 to protect the upside for the break below support at 145.39 confirming the decline towards 143.81. Only an unexpected break above resistance at 147.03 will shift the focus towards the upside for a new rally towards 149.78 and above.

Trading recommendation:

We will sell EUR here at 146.28 with a stop+reverse at 147.05 and place take profit at 143.95.