Elliott wave analysis of EUR/JPY for October 9, 2017

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Wave summary:

Important resistance at 132.77 should continue to cap the upside for more downside pressure through 131.70 for a decline to at least 130.37 and possibly a lot deeper as wave (E) develops.

A break above 132.77 will delay the expected decline for another spike higher to 133.25 before turning lower again.

R3: 133.25

R2: 133.11

R1: 132.89

Pivot: 132.50

S1: 131.95

S2: 131.70

S3: 131.45

Trading recommendation:

We are short EUR from 133.00 with stop placed at 132.80. If you are not short EUR yet, Then sell near 132.77 or upon a break below 131.95 and use the same stop at 132.80.

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