FX.co ★ Elliott wave analysis of EUR/JPY for November 9, 2017

Wave summary:

EUR/JPY has tested important resistance at 131.60 again. The failure to break right through indicates a more complex wave ii correction is building in form of a flat correction. This mean a new rally to 131.15 should be expected shortly to complete wave c of ii and set the stage for the next downside pressure in wave iii.

Short-term a break above minor resistance at 132.26 will confirm the expected mini rally to 133.15.

R3: 133.15

R2: 132.84

R1: 132.26

Pivot: 131.60

S1: 131.00

S2: 130.56

S3: 130.05

Trading recommendation:

We are short EUR from 132.59 and will move our stop lower to 132.30. If our stop is hit, we will sell EUR again at 133.10.