Elliott wave analysis of EUR/JPY for October 29, 2018

analytics5bd6a32facf0f.png

We believe wave A completed with the test of 126.64 and wave B towards 130.20 and maybe closer to 130.65 no is developing. Short-term, we see support in the 127.05 - 127.21 area for a break above minor resistance at 127.75 and more importantly a break above resistance at 128.44 that confirms wave A has completed and wave B is developing for a return to 130.20 and maybe even closer to 130.65.

R3: 128.87

R2: 128.44

R1: 128.00

Pivot: 127.75

S1: 127.42

S2: 127.21

S3: 127.05

Trading recommendation:

We will buy EUR at 127.15 or upon a break above 127.75 and place our stop at 126.50.

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