Elliott wave analysis of EUR/JPY for December 5, 2018

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EUR/JPY failed to push above resistance at 129.23 and has instead broken below support at 128.30, which has reinstated our prior bearish view for a decline towards at least 125.75 and possibly even lower to 123.66 to complete wave C and (E) of the 10 year long triangle consolidation.

Resistance is now seen near 128.45. This resistance will ideally cap the upside for a decline through support at 127.77 for more downside pressure towards 125.75.

R3: 129.15

R2: 128.89

R3: 128.45

Pivot: 127.87

S1: 127.47

S2: 127.25

S3: 126.62

Trading recommendation:

Our stop at 128.00 has been hit. We will stay sidelined for now.

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