Elliott wave analysis of EUR/JPY for December 21, 2017

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Wave summary:

The break above resistance at 134.50 told us that wave (D) still is developing and more upside towards the "old" 137.37 target should be expected to complete wave (D) and set the stage for the final decline within the huge triangle consolidation, that has been developing since July 2008.

Support is now seen at 134.40 and again at 133.84. The later should be able to protect the downside for more upside closer to 137.37.

R3: 136.05

R2: 135.75

R1: 134.90

Pivot: 134.40

S1: 133.84

S2: 133.57

S3: 133.24

Trading recommendation:

We will buy EUR at 134.10 and place our stop at 133.40.

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