Elliott wave analysis of EUR/JPY for October 2, 2017

Wave summary:

Wave B has now moved into the 133.05 - 133.37 and could be complete for wave C lower towards at least 130.37 and likely even closer to 128.96 as wave C is expected to extend.

Short-term a break below minor support at 132.60 will confirm that wave B is complete and wave C lower is developing

R3: 133.77

R2: 133.45

R1: 133.37

Pivot: 133.00

S1: 132.60

S2: 132.24

S3: 132.04

Trading recommendation:

We sold EUR at 133.00 with stop placed at 133.55.

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