Elliott wave analysis of EUR/JPY for November 7, 2017

Wave summary:

Resistance at 133.15 should continue to cap the upside for a test of short-term important support near 131.60 and a clear break below here will confirm that wave (D) completed with the test of 134.49 and wave (E) towards 123.43 is developing.

Short-term minor resistance is seen at 132.86.

R3: 133.98

R2: 133.15

R1: 132.86

Pivot: 132.00

S1: 131.60

S2: 131.00

S3: 130.56

Trading recommendation:

We are short EUR from 132.59 with stop placed at 134.55.

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