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18.10.201806:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 18, 2018

Long-term review

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Not really anything new to add here. We believe, that blue wave 2 completed with the test of 129.12, but to confirm this is the case, we need a break above short-term important resistance at 130.51. A break above this resistance, will call for the next impulsive rally in blue wave 3 towards 138.10.

Support is seen here at 129.35 and again at 129.12.

R3: 131.27

R2: 130.85

R1: 130.51

Pivot: 130.15

S1: 129.75

S2: 129.35

S3: 129.12

Trading recommendation:

We are long EUR from 129.80 with our stop placed at 129.00.

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