Elliott wave analysis of EUR/JPY for October 23, 2018
October 23, 2018 8:24 am
We expect that support at 128.72 will be able to protect the downside for a new impulsive rally in blue wave (3) towards 136.84. Only an unexpected break below 128.30 will revive the correction in blue wave (2) and call for a dip closer to, but not below important support at 126.86.
Short-term a break above minor resistance at 129.43 will indicate the blue wave 3 of (3) is developing.
R3: 130.53
R2: 130.20
R1: 129.43
Pivot: 129.20
S1: 128.72
S2: 128.53
S3: 128.30
Trading recommendation:
We are long EUR from 129.74 with our stop placed at 128.20. Buy near 128.72 and use the same stop at 128.20, which should prove to be a low risk possibly higher reward trade.
The material has been provided by InstaForex Company – www.instaforex.com
We expect that support at 128.72 will be able to protect the downside for a new impulsive rally in blue wave (3) towards 136.84. Only an unexpected break below 128.30 will revive the correction in blue wave (2) and call for a dip closer to, but not below important support at 126.86.
Short-term a break above minor resistance at 129.43 will indicate the blue wave 3 of (3) is developing.
R3: 130.53
R2: 130.20
R1: 129.43
Pivot: 129.20
S1: 128.72
S2: 128.53
S3: 128.30
Trading recommendation:
We are long EUR from 129.74 with our stop placed at 128.20. Buy near 128.72 and use the same stop at 128.20, which should prove to be a low risk possibly higher reward trade.
The material has been provided by InstaForex Company – www.instaforex.com
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