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

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Wave summary:

EUR/JPY has finally broken clearly below the short-term important support at 131.60 to confirm that the (D) of the huge triangle consolidation has completed at 134.50 and wave (E) now is developing towards the ideal target near 123.43.

The former support at 131.60 has now turned into resistance and will ideally cap the upside for more downside pressure towards 128.91 and below.

R3: 133.13

R2: 132.75

R1: 132.30

Pivot: 131.60

S1: 131.14

S2: 130.81

S3: 130.39

Trading recommendation:

We sold EUR at 133.10 and will move our stop to break-even.

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

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

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