Elliott wave analysis of EUR/JPY for December 20, 2017

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Wave summary:

EUR/JPY remains locked in no man’s land between the pivot support at 131.14 and pivot resistance at 134.50.

As long as resistance at 134.50 is able to cap the upside, we will stay slightly in favor of ultimate break below 131.14 confirming that wave (D) completed at 134.50 and wave (E) lower towards 123.43 is developing.

If, however, resistance at 134.50 is taken out, that will call for an extension of wave (D) towards 137.37.

R3: 134.50

R2: 134.38

R1: 133.89

Pivot: 132.70

S1: 132.10

S2: 131.70

S3: 131.14

Trading recommendation:

Our stop at 133.80 was hit for a small loss of 40 pips.

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

Source:: Elliott wave analysis of EUR/JPY for December 20, 2017

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