Elliott wave analysis of EUR/JPY for November 9, 2018

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EUR/JPY peaked at 130.15, just below the ideal target at 130.20. Now we expect the resistance at 129.64 - 129.92 zone will cap the upside for renewed downside pressure towards 123.66 in wave C.

Only an unexpected break above 130.15 will revive wave B for a move closer to the 61.8% corrective target at 130.65 before completing wave B and setting the stage for wave C lower.

R3: 130.15

R2: 129.75

R1: 129.64

Pivot: 129.38

S1: 129.15

S2: 128.82

S3: 128.60

Trading recommendation:

We closed out the final 50% of our long position from 127.75 at 129.30. We will sell EUR at 129.50 and place our stop at 130.25.

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