Elliott wave analysis of EUR/JPY for December 29, 2017

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Wave summary:

Here is the final update in 2017 and we continue to look for a final spike higher to 137.37 to complete wave (D) and set the stage for wave (E) lower towards the ideal target at 123.43.

The trading action since before Christmas has been very dull and nothing much is expected from this last trading day for 2017.

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 with stop + reverse at 134.10.

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

Source:: Elliott wave analysis of EUR/JPY for December 29, 2017

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