Elliott wave analysis of EUR/JPY for December 13, 2017

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Wave summary:

With the break below minor support at 133.41, more downside pressure towards 132.21 and lower to strong support at 131.14 is expected. Short-term, minor resistance at 133.40 is expected to cap the upside for a break below minor support at 133.00 triggering the next decline towards 132.21 and below.

R3: 133.90

R2: 133.75

R1: 133.40

Pivot: 133.00

S1: 132.73

S2: 132.44

S3: 132.21

Trading recommendation:

We sold EUR at 133.40 with stop placed at 133.95.

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

Source:: Elliott wave analysis of EUR/JPY for December 13, 2017

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