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

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Wave summary:

EUR/JPY has tested important resistance at 131.60 again. The failure to break right through indicates a more complex wave ii correction is building in form of a flat correction. This mean a new rally to 131.15 should be expected shortly to complete wave c of ii and set the stage for the next downside pressure in wave iii.

Short-term a break above minor resistance at 132.26 will confirm the expected mini rally to 133.15.

R3: 133.15

R2: 132.84

R1: 132.26

Pivot: 131.60

S1: 131.00

S2: 130.56

S3: 130.05

Trading recommendation:

We are short EUR from 132.59 and will move our stop lower to 132.30. If our stop is hit, we will sell EUR again at 133.10.

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