Elliott wave analysis of EUR/JPY for December 7, 2018

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EUR/JPY remain indecisive in the 127.60 - 128.46 range and could move slightly higher to 128.50 before tuning lower again towards minimum 125.75 and ideally closer to the long-term ideal target at 123.66 to complete the 10 year triangle consolidation.

Only an unexpected break above resistance at 129.05 will invalidate our bearish outlook.

R3: 128.50

R2: 128.20

R1: 128.08

Pivot: 127.68

S1: 127.60

S2: 127.23

S3: 126.62

Trading recommendation:

We sold EUR at 128.05 and we will place our stop at 129.10.

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