Elliott wave analysis of EUR/JPY for December 28, … 28.12.2017


Exchange Rates 28.12.2017 analysis

Wave summary:

EUR/JPY has seen a new high above 134.88 and more upside will remain expected as long as support at 134.17 is able to support EUR/JPY. The break above resistance seen at 134.50 calls for a possible move higher to 137.37 to complete wave (D) and set the stage for a final decline in wave (E) towards 123.43.

A direct break below 134.17 will indicate a top already is in place and the break above 134.50 was a bull-trap.

R3: 136.05

R2: 135.75

R1: 134.97

Pivot: 134.17

S1: 133.84

S2: 133.62

S3: 133.12

Trading recommendation:

We are long EUR from 134.10 and we will move our stop+revers higher to 134.10.

*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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