Elliott wave analysis of EUR/JPY for December 14, 2016

Wave summary:

We continue to look for a decline into the 118.00 - 118.38 support area to complete wave (iv) from where wave (v) 126.59 will be expected to complete wave (v) and 3.

Short term, any break below minor support at 122.03 will indicate the expected decline in wave (iv) is unfolding, while a break below support at 121.16 will confirm the decline towards the 118.00 - 118.38 area before higher again.

Trading recommendation:

We are short EUR from 122.10 with stop placed at 123.45 and take profit at 118.50. If you are not short EUR yet, then sell a break below 122.03 and use the same stop at 123.45.

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

From www.instaforex.com http://ift.tt/2gHicQb