Elliott wave analysis of EUR/JPY for December 7, 2017

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Wave summary:

We continue to look for resistance near 133.22 for more downside pressure towards 132.31 and the important support at 131.14, which needs to be broken to confirm wave (D) peaked with the test of 134.50 and wave (E) lower to the ideal target at 123.43 is developing.

R3: 133.75

R2: 133.50

R1: 133.22

Pivot: 132.62

S1: 132.31

S2: 131.70

S3: 131.14

Trading recommendation:

We are short EUR from 133.75 with stop placed at break-even.

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