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05.11.2018 07:38 AM
Elliott wave analysis of EUR/JPY for November 5, 2018

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EUR/JPY continues to follow the expected path higher towards 130.20 and possibly even closer to the 61.8% corrective target near 130.65.

Support is now seen at 128.57, which ideally will protect the downside for a break above minor resistance at 129.33 for the next rally towards the 130.20 target. However, it will take a break below support at 128.34 to indicate the correction in wave B has completed prematurely and that wave C lower is already developing.

R3: 130.20

R2: 129.54

R1; 129.33

Pivot: 128.77

S1: 128.57

S2: 128.34

S3: 128.22

Trading recommendation:

We are long on EUR from 127.75 with our stop placed at 128.25. We will raise our stop to 128.50 upon a break above resistance at 129.33. We will take half profit at 130.10.

Summary
Urgency
Analytic
Torben Melsted
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