FX.co ★ Elliott wave analysis of EUR/JPY for November 12, 2018

Our preferred count shows that the wave B completed with the test of 130.15 and wave C lower to the equality target at 123.66 is developing now. In the short term we expected a minor rebound toward the resistance in the 129.41 - 129.58 area before more downside pressure is applied.

A clear break below support at 128.57 confirms that wave B has completed and wave C lower towards 123.66 is developing.

R3: 130.82

R2: 129.58

R1: 129.41

Pivot: 129.19

S1: 128.84

S2: 128.85

S3: 128.57

Trading recommendations:

We are looking to sell EUR at 129.50 or upon a a break below 128.57.