Elliott wave analysis of EUR/JPY for October 2, 2018
October 2, 2018 7:21 am
We have seen a nice rally in EUR/JPY of the corrective low at 131.18. However, we still need a break above minor resistance at 132.52 to confirm that blue wave (4) has completed and blue wave (5) to 134.04 is developing.
Short-term support is seen at 131.70 and if broken then just below at 131.57. Ideally the support-zone between 131.57 – 131.70 will be able to protect the downside for the expected break above 132.52 confirming the next impulsive rally towards 134.04.
R3: 133.13
R2: 132.52
R1: 132.25
Pivot: 131.97
S1: 131.70
S2: 131.57
S3: 131.43
Trading recommendation:
We are long EUR from 129.11 with our stop placed at 130.85. If you are not long EUR yet, then buy near 131.70 or upon a break above 132.52 and place your stop at 130.85.
The material has been provided by InstaForex Company – www.instaforex.com
We have seen a nice rally in EUR/JPY of the corrective low at 131.18. However, we still need a break above minor resistance at 132.52 to confirm that blue wave (4) has completed and blue wave (5) to 134.04 is developing.
Short-term support is seen at 131.70 and if broken then just below at 131.57. Ideally the support-zone between 131.57 – 131.70 will be able to protect the downside for the expected break above 132.52 confirming the next impulsive rally towards 134.04.
R3: 133.13
R2: 132.52
R1: 132.25
Pivot: 131.97
S1: 131.70
S2: 131.57
S3: 131.43
Trading recommendation:
We are long EUR from 129.11 with our stop placed at 130.85. If you are not long EUR yet, then buy near 131.70 or upon a break above 132.52 and place your stop at 130.85.
The material has been provided by InstaForex Company – www.instaforex.com
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