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26.10.201707:15 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 26, 2017

Long-term review

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Wave summary:

EUR/JPY should continue to hold support at 133.72 for the next rally closer to the ideal wave (D) target at 137.37 from where wave (E) is expected to take over for a decline to 123.43.

Short-term a break above minor resistance at 134.50 will push EUR/JPY closer to the ideal wave (D) target, While an unexpected break below minor support at 133.72 will be a warning that the upside momentum has disappeared and shifted to the downside instead.

R3: 136.04

R2: 135.62

R1: 134.50

Pivot: 133.72

S1: 133.48

S2: 133.06

S3: 132.45

Trading recommendation:

We are long EUR from 133.55 and will raise our stop to 133.65.

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