Elliott wave analysis of EUR/JPY for October 13, 2017

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Wave summary:

We continue to look for more downside pressure towards at least 130.73 and possibly deeper. A break below minor support at 132.43 will confirm the expected decline in wave C to at least 130.73.

Short-term minor resistance is seen at 133.12, which ideally will cap the upside for the break below 132.43.

R3: 133.50

R2: 133.28

R1: 133.12

Pivot: 133.00

S1: 132.70

S2: 132.43

S3: 132.00

Trading recommendation:

We are short EUR from 132.65 with stop placed at 134.45. If you are not short EUR yet, then sell near 133.12 and use the same stop at 134.45.

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

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