Elliott wave analysis of EUR/JPY for October 31, 2018
October 31, 2018 7:21 am
EUR/JPY continues to push higher as wave B is evolving. We will not be surprised to see a minor set-back to support near 127.84 and maybe even closer to the 61.8% corrective target near 127.34 before the next rally higher towards 129.22 and 130.20.
A break below minor support near 128.18 will indicate a short-term correction before higher towards 130.20 in wave B
R3: 129.22
R2: 128.75
R1: 128.44
Pivot: 128.18
S1: 127.84
S2: 127.54
S3: 127.34
Trading recommendation:
We are long EUR from 127.75 and will keep our stop at 126.50 for now. If you are not long EUR yet, then use a dip to the 127.34 – 127.84 zone to buy and place your stop at 126.50 too.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/JPY continues to push higher as wave B is evolving. We will not be surprised to see a minor set-back to support near 127.84 and maybe even closer to the 61.8% corrective target near 127.34 before the next rally higher towards 129.22 and 130.20.
A break below minor support near 128.18 will indicate a short-term correction before higher towards 130.20 in wave B
R3: 129.22
R2: 128.75
R1: 128.44
Pivot: 128.18
S1: 127.84
S2: 127.54
S3: 127.34
Trading recommendation:
We are long EUR from 127.75 and will keep our stop at 126.50 for now. If you are not long EUR yet, then use a dip to the 127.34 – 127.84 zone to buy and place your stop at 126.50 too.
The material has been provided by InstaForex Company – www.instaforex.com
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