Elliott wave analysis of EUR/JPY for October 31, 2018


EUR/JPY continues to push higher as wave B is evolving. We will not be surprised to see a minor set-back to support near 127.84 and maybe even closer to the 61.8% corrective target near 127.34 before the next rally higher towards 129.22 and 130.20.

A break below minor support near 128.18 will indicate a short-term correction before higher towards 130.20 in wave B

R3: 129.22

R2: 128.75

R1: 128.44

Pivot: 128.18

S1: 127.84

S2: 127.54

S3: 127.34

Trading recommendation:

We are long EUR from 127.75 and will keep our stop at 126.50 for now. If you are not long EUR yet, then use a dip to the 127.34 - 127.84 zone to buy and place your stop at 126.50 too.

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