FX.co ★ Elliott wave analysis of EUR/JPY for November 30, 2018

Under our new preferred count we should now be in wave c of D higher towards resistance in the 130.89 - 130.99 area. Ideally the final decline in wave E will start from here, but it's possible that wave c of D extends higher to 131.89 before tuning lower in wave E.

We now see support at 128.64, which ideally will protect the downside for the next rally higher through resistance at 129.25 for the rally towards the 130.89 - 130.99 area.

R3: 130.89

R2: 130.06

R1: 129.62

Pivot: 129.25

S1: 128.84

S2: 128.64

S3: 128.22

Trading recommendation:

We are long EUR from 129.25 with our stop placed at 128.00. Upon a break above 129.30 we will move our stop higher to 123.50. We will take half profit at 130.75.