Elliott wave analysis of EUR/JPY for November 17, 2017

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Wave summary:

No change in view here.

We continue to look for more downside pressure towards 131.60 and a clear break below here, will confirm that wave (D) completed with the test of 134.50 and wave (E) now is developing. The ideal target for wave (E) is seen at 123.43.

R3: 134.50

R2: 133.89

R1: 133.44

Pivot: 132.75

S1: 132.30

S2: 131.88

S3: 131.36

Trading recommendation:

We are short EUR from 133.10 with stop placed at 134.55

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