Elliott wave analysis of EUR/JPY for October 22, 2018
October 22, 2018 6:26 am
Important support at 127.86 has remained untouched and EUR/JPY is now trying to break above the resistance-line from 133.12. A clear break above this resistance-line is the first good indication that the blue wave (2) has completed and the blue wave (3) is taking over for a rally towards 138.10.
A break above the resistance at 1.30.29 will confirm that a low has been seen and the blue wave (3) is developing.
R3: 130.50
R2: 130.29
R1: 129.73
Pivot: 129.30
S1: 129.00
S2: 128.55
S3: 128.30
Trading recommendation:
We will buy EUR at 129.00 or upon a break above 129.74. Our stop will be placed at 128.20.
The material has been provided by InstaForex Company – www.instaforex.com
Important support at 127.86 has remained untouched and EUR/JPY is now trying to break above the resistance-line from 133.12. A clear break above this resistance-line is the first good indication that the blue wave (2) has completed and the blue wave (3) is taking over for a rally towards 138.10.
A break above the resistance at 1.30.29 will confirm that a low has been seen and the blue wave (3) is developing.
R3: 130.50
R2: 130.29
R1: 129.73
Pivot: 129.30
S1: 129.00
S2: 128.55
S3: 128.30
Trading recommendation:
We will buy EUR at 129.00 or upon a break above 129.74. Our stop will be placed at 128.20.
The material has been provided by InstaForex Company – www.instaforex.com
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