Elliott wave analysis of EUR/JPY for November 13, 2017

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Wave summary:

We continue to look for a move closer to resistance at 133.15 to complete wave ii and set the stage for a strong decline in wave iii towards 128.36.

A clear break below support at 131.60 will confirm that wave (E) is developing towards the ideal target seen at 123.43.

R3: 133.15

R2: 132.84

R1: 132.50

Pivot: 132.00

S1: 131.60

S2: 131.47

S3: 131.36

Trading recommendation:

Our stop at 132.30 was hit for a small profit of 29 pips. We will sell EUR at 133.10

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