Elliott wave analysis of EUR/JPY for October 25, 2017

Wave summary:

We continue to look for a clear break above resistance at 134.41 confirming more upside in wave (D) closer to 137.37 from where wave (E) should take over to complete the long-term triangle consolidation. Wave (E) should ideally move lower to 123.43.

Short-term, we minor support at 133.37 max. 133.08 will protect the downside for the expected rally through 134.41.

R3:136.04

R2: 134.41

R1: 134.00

Pivot: 133.75

S1: 133.37

S2: 133.08

S3: 132.46

Trading recommendation:

We are long EUR from 133.55 with stop placed at 133.05.

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