FX.co ★ Elliott wave analysis of EUR/JPY for November 2, 2017

Wave summary:

EUR/JPY is testing the lower part of the expected target-area for wave ii between 132.96 - 133.33 from where the next impulsive decline is expected towards 128.36 in wave iii. A break below support at 131.60 will confirm that wave (D) has completed and wave (E) is developing towards 123.43.

To keep wave (D) alive a break above 134.49 will be needed, which will call for a spike closer to 137.37 before turning lower in wave (E).

R3: 134.49

R2: 133.98

R1: 133.33

Pivot: 132.40

S1: 131.86

S2: 131.42

S3: 131.09

Trading recommendation:

We will sell EUR at 133.20 with stop placed at 134.55 or upon a break below support at 132.29.