FX.co ★ Elliott wave analysis of EUR/JPY for November 14, 2018

EUR/JPY has moved into the resistance zone between 128.84 - 129.14. We expect this zone will cap the upside for a break below minor support at 128.16 that confirms wave 3 lower towards 124.91 where wave 3 will be 1.618 times the length of wave 1.

R3: 129.52

R2: 129.14

R1: 128.84

Pivot: 128.16

S1: 128.00

S2: 127.82

S3: 127.47

Trading recommendation:

Our break-even stop at 128.56 was hit and we re-sold EUR at 128.75. We have placed our stop at 129.75.