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

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EUR/JPY has almost tested our 130.20 target (the high has been seen at 130.15. As long as minor support at 129.37 stays intact, we see the possibility for EUR/JPY to move closer to the 61.8% corrective target at 130.65 from here or upon a break below minor support at 129.37 wave C should take over for a final decline to below 126.62.

R3: 130.65

R2: 130.41

R1: 130.20

Pivot: 129.77

S1: 129.68

S2: 129.37

S3: 129.06

Trading recommendation:

We are long from 127.75. We took profit on 50% of our long position at 130.10. We will move our stop higher to 129.30 for the final 50%. We will take profit on the final 50% at 130.55.

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