Elliott wave analysis of EUR/JPY for December 26, 2017

Wave summary:

With the break above 134.50 the "old" (D)-wave target at 137.37 has been revived. Short-term EUR/JPY will remain positive as long as it stays above minor support at 133.62 for more upside pressure towards 135.75 and 136.05 on the way higher to the 137.37 target. Only a direct break below short-term important support at 133.62 will indicate a false break above 134.50 and a decline to 131.14.

R3: 136.05

R2: 135.75

R1: 134.90

Pivot: 134.40

S1: 133.84

S2: 133.62

S3: 133.24

Trading recommendation:

We are long EUR from 134.10 with stop + revers placed at 133.55.

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