Elliott wave analysis of EUR/JPY for October 12, 2017

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Wave summary:

EUR/NZD continues to rally nicely and as expected. We expect minor support at 1.6648 will be able to protect the downside for the next rally higher to 1.6824 that should complete red wave iii/ and set the stage for a shallow sideways consolidation in red wave iv/ before moving higher towards 1.7005 in red wave v/.

R3: 1.7005

R2: 1.6824

R1: 1.6760

Pivot: 1.6648

S1: 1.6623

S2: 1.6563

S3: 1.6490

Trading recommendation:

We are long EUR from 1.6365 and will move our stop higher to 1.6600.

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