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15.12.201706:39 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 15, 2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 15.12.2017 analysis

Wave summary:

EUR/JPY has broken below support at 132.81 as expected and should now continue to move lower towards important support seen at 131.14. This support still needs to be broken to confirm that wave (D) indeed completed with the test of 134.50 and wave (E) lower is developing for a decline towards the ideal target seen at 123.43.

Short-term resistance is now seen at 132.81.

R3: 133.18

R2: 132.81

R1: 132.47

Pivot: 132.14

S1: 131.70

S2: 131.14

S3: 130.56

Trading recommendation:

We are short EUR from 133.40. We will move our stop lower to 133.80.

Torben Melsted
Analytical expert of InstaForex
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