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17.10.2017 07:07 AM
Elliott wave analysis of EUR/JPY for October 17, 2017

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Wave summary:

We continue to look for a clear break below minor support at 131.70 for a decline to 130.73 and possibly lower. Short-term, we expect minor resistance at 132.39 will be able to cap the upside for a new test of the 131.70 support. The next time this support is being tested it should be broken for a continuation lower.

R3: 132.92

R2: 132.72

R1: 132.39

Pivot: 132.00

S1: 131.70

S2: 131.34

S3: 131.00

Trading recommendation:

We are short EUR from 132.65, We will move our stop to break-even and we will take half profit on our short position at 130.80.

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