Elliott wave analysis of EUR/JPY for October 23, 2017

Wave summary:

With wave (D) revived more upside pressure to 137.37 is expected. We are currently looking for a break above 134.41 to confirm the final rally higher towards the ideal wave (D) target near 137.37 from where wave (E) lower is expected to take over.

Short-term support is seen at 133.50, which ideally will protect the downside for the expected break above 134.41

R3: 137.37

R2: 136.04

R1: 134.41

Pivot: 134.00

S1: 133.50

S2: 132.90

S3: 132.46

Trading recommendation:

We are long EUR from 133.55 with stop placed at 132.85.

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