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

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The break above minor resistance at 127.75 was the first good indication, that wave A had completed and wave B higher to at least 130.20 is developing. The final confirmation that wave A has completed and wave B is well underway will be seen upon a break above resistance at 128.44.

We could see resistance at 128.44 only broken slightly for a corrective dip close to 127.69 and maybe even closer to 127.47 before the next rally higher towards 130.20.

R3: 129.24

R2: 128.76

R1: 128.44

Pivot: 128.15

S1: 127.69

S2: 127.47

S3: 127.22

Trading recommendation:

We are long EUR from 127.75 with our stop placed at 126.50. If you are not long EUR yet, then buy close to 127.69 and use the same stop 126.50

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