Elliott wave analysis of EUR/JPY for December 8, 2017

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Wave summary:

EUR/JPY is currently testing resistance near 133.35, which we expect will be able to cap the upside for renewed downside pressure towards 132.21 and below here will add downside pressure towards important support at 131.14, that needs to be broken to confirm that wave (D) has completed and wave (E) lower to the ideal target at 123.43 is developing.

R3: 133.75

R2: 133.50

R1: 133.35

Pivot: 133.08

S1: 132.67

S2: 132.31

S1: 131.67

Trading recommendation:

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

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