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

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EUR/JPY is currently seeing a relief rally towards at least 130.20 and possibly even closer to the 61.8% corrective target of wave A near 130.65. Once this counter rally is complete renewed downside pressure towards at least 124.14.

For now we will concentrate on the relief rally in wave B, which we expect will continue higher to at least 1.3020 in the coming days.

R3: 129.22

R2: 128.54

R1: 128.12

Pivot: 127.91

S1: 127.59

S2: 127.36

S3: 127.22

Trading recommendation:

We are long EUR from 127.75 with our stop placed at 126.50. Upon a break above 128.54 we will move our stop higher to 127.50.

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