Elliott wave analysis of EUR/JPY for October 11, 2017

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Wave summary:

The break above minor resistance at 132.77 indicates that wave B still is developing and likely will spike higher to 133.25 before tuning lower towards 130.52 and likely even closer to 128.85. A break below support at 132.64 will indicate that wave C lower towards at least 130.52 is developing.

R3: 133.25

R2: 133.00

R1: 132.85

Pivot: 132.64

S1: 132.28

S2: 131.84

S3; 131.34

Trading recommendation:

Our stop at 132.80 was hit for a small profit. We will sell EUR again at 133.15 or upon a break below 132.64 with stop placed at 134.45.

The material has been provided by InstaForex Company - www.instaforex.com