Elliott wave analysis of EUR/JPY for November 14, 2017

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Wave summary:

We continue to look for a little more upside closer to 133.15 to complete wave ii. From here renewed downside pressure should be expected as wave iii lower starts to develop a decline towards 128.36 on the wave lower to the ideal (E)-wave target at 123.43.

Short-term support is seen at 132.46 and again at 131.88. Only a break below the later will confirm that wave ii has completed and wave iii lower is developing.

R3: 133.15

R2: 133.02

R1: 132.84

Pivot: 132.46

S1: 132.24

S2: 131.88

S3: 131.36

Trading recommendation:

We are look to sell EUR again at 133.10 or upon a break below 131.88.

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