Elliott wave analysis of EUR/JPY for October 3 - 2017

Wave summary:

The ideal minor resistance at 113.12 will cap the upside for renewed downside pressure towards 130.37. But, even if minor resistance at 133.12 is broken, the strong resistance is seen just above 133.35, which should provide enough resistance for the next decline.

R3: 133.35

R2: 133.12

R1: 132.91

Pivot: 132.60

S1: 132.30

S2: 132.04

S3: 131.70

Trading recommendation:

We are short EUR from 133.00 with stop placed at 133.55.

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