Elliott wave analysis of EUR/JPY for December 18, 2017

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Wave summary:

We continue to look for more downside pressure to important support at 131.14 and a break below here will confirm that wave (D) completed with the test of 134.50 and wave (E) lower to 123.43 is developing.

Short-term resistance is now seen at 132.78 and again at 133.76, which needs to cap the upside for the expected decline towards 131.14.

R3: 133.89

R2: 133.76

R1: 132.78

Pivot: 132.11

S1: 131.70

S2: 131.14

S3: 130.56

Trading recommendation:

We are short EUR from 133.40 with stop placed at 133.80.

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