Elliott wave analysis of EUR/JPY for December 14, … 14.12.2017

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Exchange Rates 14.12.2017 analysis

Wave summary:

EUR/JPY is trying to push prices lower, but it is a harder fight than expected. None the less, we continue to look for more downside pressure and a break below minor support at 132.81 that will call for a decline to 132.21 and lower to important support at 131.14. A break below this later support is needed to confirm that wave (D) completed at 134.50 and wave (E) lower to the ideal target at 123.43 is developing.

Resistance is now seen at 133.62 and should be able to cap the upside, but only a break above resistance at 133.89 will be of concern.

R3: 133.89

R2: 133.62

R1: 133.31

Pivot: 132.81

S1: 132.44

S2: 132.21

S3: 132.00

Trading recommendation:

We are short EUR from 133.40 with stop placed at 133.95.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Torben Melsted,
Analytical expert
InstaForex Group © 2007-2017

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