Elliott wave analysis of EUR/JPY for December 1, 2017

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Wave summary:

EUR/JPY continues to push higher and the break above 133.23 now questions, whether wave (D) did complete at 134.50 or wave (D) still is in motion higher towards 137.37 before completing?

As long as resistance at 134.50 is able to cap the upside, we will continue to favor the count that sees the wave (D) as complete and wave (E) lower to 123.43 developing. Under this count, a break below 133.75 will be the first indication that a new decline should be expected.

If, however, resistance at 134.50 is broken, we will look for a final spike higher to 137.37 to complete wave (D).

R3: 136.07

R2: 135.27

R1: 134.50

Pivot: 133.75

S1: 133.33

S2: 132.95

S3: 132.62

Trading recommendation:

We will buy a break above 134.50 with a stop placed at 133.70 or sell a break below 133.75 with our stop placed at 134.55, whatever I will see first.

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

Source:: Elliott wave analysis of EUR/JPY for December 1, 2017

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