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Elliott wave analysis of EUR/JPY for November 16, 2017
Posted On 16 Nov 2017
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Wave summary:
Wave ii most likely completed with the test of 133.89 and a new impulsive decline to below 131.60 is now expected. A firm break below support at 131.60 will confirm continuation lower to 128.36 and 123.43 in wave (E).
Under this count resistance at 134.50 must cap the upside for a break below 131.88 and more importantly below 131.60. As a break above 134.50 will reinstate the “old” wave (D) target at 137.37.
R3: 134.50
R2: 134.13
R1: 133.89
Pivot: 132.75
S1: 132.30
S2: 131.88
S3: 131.36
Trading recommendation:
We sold EUR at 133.10 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 November 16, 2017