FX.co ★ Elliott wave analysis of EUR/JPY for November 15, 2018

We are looking for a break below minor support at 128.16 as confirmation that wave 2 has completed and wave 3 lower towards 124.98 is developing.

Resistance is now seen at 128.68 and important resistance is seen at 129.23, this resistance should be able to cap the upside for the expected break below 128.16 confirming renewed downside pressure.

R3: 129.23

R2: 128.64

R1: 128.42

Pivot: 128.16

S1: 128.03

S2: 127.82

S3: 127.56

Trading recommendation:

We sold EUR at 128.75 with our stop placed at 129.75. If you are not short EUR yet, then sell a break below 128.16 and place you stop at 129.00.