Elliott wave analysis of EUR/JPY for December 14, 2018

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We are looking for confirmation, that wave e of B has completed, A break below minor support at 128.72 and more importantly a break below support at 128.15 is needed to confirm wave B has completed and the final decline in wave C towards the long-term ideal target at 123.66 is developing.

At no point can a break above 129.29 be accepted under this count. A break above important resistance at 129.29 will invalidate wave B as a triangle and call for a rally to at least 130.15.

R3. 129.68

R2: 129.29

R1: 129.15

Pivot: 128.72

S1; 128.15

S2: 127.77

S3: 127.20

Trading recommendation:

WE are short EUR from 128.05 with our stop+revers placed at 129.35.

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