FX.co ★ Elliott wave analysis of EUR/JPY for October 29, 2018

The break above minor resistance at 127.75 was the first good indication, that wave A had completed and wave B higher to at least 130.20 is developing. The final confirmation that wave A has completed and wave B is well underway will be seen upon a break above resistance at 128.44.

We could see resistance at 128.44 only broken slightly for a corrective dip close to 127.69 and maybe even closer to 127.47 before the next rally higher towards 130.20.

R3: 129.24

R2: 128.76

R1: 128.44

Pivot: 128.15

S1: 127.69

S2: 127.47

S3: 127.22

Trading recommendation:

We are long EUR from 127.75 with our stop placed at 126.50. If you are not long EUR yet, then buy close to 127.69 and use the same stop 126.50