Elliott wave analysis of EUR/JPY for December 5, 2017

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Wave summary:

Our preferred count remains that wave (D) completed with the test of 134.50 and wave (E) lower towards the ideal target seen at 123.43 now is developing. Short-term, we would like to see more downside pressure and a break below support at 132.90 and more importantly a break below support at 132.62 that calls for a new test of 131.14 and below here confirms that wave (D) has completed and wave (E) is developing.

R3: 134.50

R2: 134.38

R1: 134.05

Pivot: 133.24

S1: 132.90

S2: 132.62

S3: 131.95

Trading recommendation:

We sold EUR at 133.75 with our stop placed at 134.55.

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