FX.co ★ Elliott wave analysis of EUR/JPY for November 7, 2018

The rally from 126.62 continues to follow the expected path high in wave B towards 130.20 and maybe even closer to the 61.8% corrective target at 130.65.

Support is now seen at 129.23, which ideally will be able to protect the downside for the rally to 130.20 and maybe even slightly higher. Once the correction in wave B is complete renewed downside pressure is expected in wave C.

R3: 130.65

R2: 130.20

R1: 129.90

Pivot: 129.49

S1: 129.23

S2: 128.82

S3: 128.60

Trading recommendation:

We are long EUR from 127.75. We will move our stop higher to 128.75. We will take half profit at 130.10.