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20.11.201808:24 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 20, 2018

Long-term review

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EUR/JPY has traded within a very narrow band the last 24 hours. Nothing has changed and we continue to look for more downside pressure in wave C towards 123.66 to complete wave (E) and the long-term triangle consolidation.

A break above 129.35 will be of concern, but it will take a break above 130.13 to invalidate the C-wave target and indicate that wave (E) already has completed and a new impulsive rally is building.

R3: 130.13

R2: 129.40

R1: 129.06

Pivot: 128.90

S1: 128.40

S2: 128.00

S3: 127.74

Trading recommendation:

We sold EUR at 128.75 with our stop placed at 129.75.

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