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13.11.2018 07:47 AM
Elliott wave analysis of EUR/JPY for November 13, 2018

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EUR/JPY broke directly below support at 128.57 to confirm that wave B completed with the test of 130.15 and wave C towards 123.66 now is developing.

Short-term support is now seen in the 128.84 - 129.14 area, which we expect will be capping the upside for the next downside pressure towards 126.62 on the way lower to 123.66.

R3: 129.14

R2: 128.84

R1: 128.51

Pivot: 128.12

S1: 127.98

S2: 127..82

S3: 127.47

Trading recommendation:

We sold EUR at 128.56 and has placed our stop at break-even. If our stop is hit, we will sell EUR again at 128.75.

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