Elliott wave analysis of EUR/JPY for December 4, 2017

Wave summary:

The pivot point at 134.50 is still holding firm keeping our preferred count alive. This count shows that wave (D) completed in late October with the test of 134.50 and wave (E) is developing. The (E) wave should ideally decline to 123.43 to complete the huge triangle consolidation that has been developing since July 2008.

If, however the pivot point at 134.50 is broken that will indicate that wave (D) is still developing and more upside closer to 137.37 should be expected, before wave (E) will be ready to take over.

R3: 136.07

R2: 135.27

R1: 134.50

Pivot: 133.55

S1: 133.33

S2: 132.90

S3: 132.62

Trading recommendation:

We sold EUR at 133.75 with stop placed at 134.55.

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

Source:: Elliott wave analysis of EUR/JPY for December 4, 2017