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Elliott wave analysis of EUR/JPY for October 1, 2018

analytics5bb19181a9be2.png

Uncertainties about Italy's economy pushed the correction from 133.13 even deeper than expected. More importantly the prolonged and deep correction favor, that blue wave (3) completed with the test of 133.13 and the correction to 131.18 is blue wave (4) meaning that blue wave (5) is taking over for a rally towards 134.04.

To confirm that blue wave (5) is developing, we will need a break above minor resistance at 132.52.

R3: 133.13

R2: 132.52

R1: 132.25

Pivot: 131.97

S1: 131.70

S2: 131.43

S3: 131.18

Trading recommendation:

We are long EUR from 129.10 with our stop placed at 130.85. If you are not long EUR yet, then buy near 131.70 or upon a break above 132.52 and use the same stop at 130.85.

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