Elliott wave analysis of EUR/JPY for November 30, 2017


Wave summary:

EUR/JPY has bounced back and is again trading near resistance at 133.24. A clear break above this resistance, will call for a new rally closer to 133.71 before renewed downside pressure should be expected. The top at 134.50 should remain safe.

Only a direct break below minor support at 132.78 we add renewed downside pressure towards 131.14 and below.

R3: 133.71

R2: 133.46

R1: 133.24

Pivot: 132.78

S1: 132.46

S2: 131.95

S3: 131.70

Trading recommendation:

We are short EUR from 132.55 with stop placed at 133.35.

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