Elliott wave analysis of EUR/JPY for October 11, 2018
October 11, 2018 4:22 am
Of course, EUR/JPY needed one last dip to just below 129.31, and we have seen a low at 129.21. This last decline occurred amidst divergence indicating a clear loss of downside momentum. To confirm that the blue wave (2) finally has completed, we need a break above minor resistance at 130.50. Once a break above here has been seen, blue wave (3) towards 138.10 should start unfolding.
R3: 131.45
R2: 130.88
R1: 130.50
Pivot: 129.90
S1: 129.76
S2: 129.31
S3: 129.21
Trading recommendation:
Our stop was hit for a loss. We will buy a break above 130.50 and place our stop at 129.10.
The material has been provided by InstaForex Company – www.instaforex.com
Of course, EUR/JPY needed one last dip to just below 129.31, and we have seen a low at 129.21. This last decline occurred amidst divergence indicating a clear loss of downside momentum. To confirm that the blue wave (2) finally has completed, we need a break above minor resistance at 130.50. Once a break above here has been seen, blue wave (3) towards 138.10 should start unfolding.
R3: 131.45
R2: 130.88
R1: 130.50
Pivot: 129.90
S1: 129.76
S2: 129.31
S3: 129.21
Trading recommendation:
Our stop was hit for a loss. We will buy a break above 130.50 and place our stop at 129.10.
The material has been provided by InstaForex Company – www.instaforex.com
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