FX.co ★ Elliott wave analysis of EUR/JPY for November 10, 2017

Wave summary:

Our expectation of a more complex wave ii correction seems to be well founded. We are looking for wave c of me to move higher to 133.15 before completing wave ii and turning prices lower in wave iii towards 128.36 and below.

Our preferred count remains, that wave (D) completed with the test of 134.49 and wave (E) lower to 123.45 now is developing.

R3: 133.15

R2; 132.84

R1: 132.26

Pivot: 131.60

S1: 131.00

S2: 130.56

S3: 130.05

Trading recommendation:

We are short EUR from 132.59 with stop placed at 132.30. If this stop is hit, we will sell EUR again at 133.10.