Elliott wave analysis of EUR/JPY for October 8, 2018

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EUR/JPY once again made a new low at 130.60 for the correction from 133.13. Even though a new low was seen, the corrective decline from 133.13 should complete soon. The first good indication that the correction in blue wave (4) has completed will be seen when the minor resistance at 131.58 breaks, while a break above resistance at 131.98 will confirm, that blue wave (4) has completed and blue wave (5) is developing towards at least 133.85.

R3: 131.98

R2: 131.57

R1: 131.37

Pivot: 131.18

S1: 131.02

S2: 130.74

S3: 130.60

Trading recommendation:

Our stop at 130.65 was hit for a loss of 85 pips. We will buy EUR again at 130.70 or upon a break above 131.58.

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