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06.11.201807:49 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 6, 2018

Long-term review

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No change in our view. We continue to look for minor resistance at 129.33 to be broken for a continuation higher towards resistance at 130.20 and possibly even closer to the 61.8% corrective target at 130.65.

A break above minor resistance at 129.33 will open for the next rally higher towards our target at 130.20. Support is now seen at 129.00 and then at 128.60.

R3: 130.20

R2: 129.54

R1: 129.33

Pivot: 129.00

S1: 128.77

S2: 128.60

S3: 128.34

Trading recommendation:

We are long EUR from 127.75 with our stop placed at 128.25. Upon a break above 129.33 our stop will be moved higher to 128.50. We will take half profit at 130.10.

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