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Elliott wave analysis of EUR/JPY for December 11, 2018

analytics5c0f4b92bfc13.png

EUR/JPY extended wave b to 128.94 before turning lower again. Short-term, we need a break below minor support at 128.10 to confirm that wave has completed and wave c lower to the long-term ideal target at 123.66 is developing.

Only an unexpected break above 129.05 will question our bearish count, but it will take a break above 129.37 to invalidate it all together and call for more upside towards 130.15

R3: 129.37

R2: 129.07

R3: 128.94

Pivot: 128.40

S1: 128.10

S2: 127.65

S3: 126.96

Trading recommendation:

We are short EUR from 128.05 with our stop placed at 129.15.

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