23.10.201806:47 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 23, 2018

Long-term review

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We expect that support at 128.72 will be able to protect the downside for a new impulsive rally in blue wave (3) towards 136.84. Only an unexpected break below 128.30 will revive the correction in blue wave (2) and call for a dip closer to, but not below important support at 126.86.

Short-term a break above minor resistance at 129.43 will indicate the blue wave 3 of (3) is developing.

R3: 130.53

R2: 130.20

R1: 129.43

Pivot: 129.20

S1: 128.72

S2: 128.53

S3: 128.30

Trading recommendation:

We are long EUR from 129.74 with our stop placed at 128.20. Buy near 128.72 and use the same stop at 128.20, which should prove to be a low risk possibly higher reward trade.

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