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24.10.201806:44 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 24, 2018

Long-term review

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EUR/JPY dipped to 128.21 but stayed above the important support level at 127.86 before turning higher again. The very deep correction in blue wave (2) is of concern, but as long as support at 127.86 is untouched, we will remain long-term bullish and look for confirmation that blue wave (2) has completed and blue wave (3) towards 136.75 is developing. Only an unexpected break below 127.86 will force us to revive our bullish stand.

A break above resistance at 130.16 will confirm that blue wave (2) has completed and blue wave (3) is developing.

R3: 130.16

R2: 129.66

R1: 129.20

Pivot: 129.05

S1: 128.86

S2: 128.56

S3: 128.21

Trading recommendation:

We are long EUR from 129.74 with our stop placed at 128.20. If you are not long EUR yet, then buy near 129.05 and use the same stop at 128.20.

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