Elliott wave analysis of EUR/JPY for October 30, 2017

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Wave summary:

As long as important support at 131.60 is able to protect the downside, we still could see a final rally higher to 137.37 to complete wave (D). From near 137.37 or upon a break below support at 131.60 wave (E) lower to 123.43 is expected.

R3: 133.49

R2: 133.00

R1: 132.42

Pivot: 131.60

S1: 131.03

S2: 130.60

S3: 130.00

Trading recommendation:

We are long EUR from 132.30 with stop+revers at 131.60.

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