FX.co ★ Elliott wave analysis of EUR/JPY for November 1, 2017

Wave summary:

EUR/JPY has failed to break clearly below important support at 131.60, which tells us, that a larger correction into the 132.96 - 133.32 area is developing before renewed downside pressure should be expected.

To confirm that wave (D) has completed, we still need a firm break below support at 131.60, that will confirm wave (E) towards 123.43 is developing.

R3: 133.32

R2: 132.96

R1: 132.64

Pivot: 132.30

S1: 131.95

S2: 131.60

S3: 131.09

Trading recommendation:

Our stop at 132.00 was hit for a 40 pips loss. We will sell EUR again at 133.20 with stop at 134.55