FX.co ★ Elliott wave analysis of EUR/JPY for November 22, 2018

EUR/JPY remains locked in undecided territory between support at 127.90 and resistance at 129.22, we need a break out of this territory to get the next big move up or down.

We remain biased towards the downside for a break below support at 127.90 for a continuation lower towards the long-term target at 123.66 to complete the long-term triangle consolidation and set the stage for the impulsive rally.

If, however resistance at 129.22 is broken that will be a warning that wave (E) already has completed and the new impulsive rally already is under way.

R3: 130.13

R2: 129.40

R1: 129.06

Pivot: 128.90

S1: 128.40

S2: 128.00

S3: 127.74

Trading recommendation:

We are short EUR from 128.75 and we will move our stop+revers lower to 129.50.