FX.co ★ Elliott wave analysis of EUR/JPY for October 27, 2017

Wave summary:

As long as minor short-term important support at 131.64 is able to protect the downside, we will be looking for more upside towards 137.37 to complete wave (D) and set the stage for a final decline in wave (E) towards 123.43. If, however, a direct break below 131.64 is seen that will indicate that wave (D) already completed the test of 134.49 and wave (E) is developing.

R3: 134.49

R2: 133.65

R1: 133.22

Pivot: 132.45

S1: 132.00

S2: 131.64

S3: 131.05

Trading recommendation:

Our stop at 133.65 was hit for a small profit. We will buy EUR again at 132.30 with stop+reverse at 131.60