Elliott wave analysis of EUR/JPY for Oct 21, 2019

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There is still the possibility of a short-term correction closer to 119.87 before the next impulsive rally pushes EUR/JPY higher towards the next upside target near 124.64.

In the longer term, we remain bullish as the 11-year triangle consolidation completed with the text of 115.87 on September 2. This also mean that wave [C] now is in motion. If wave [C] becomes equal in length to wave [A], a rally to 196.88 looks likely over the coming years.

R3: 122.01

R2: 121.50

R1: 121.00

Pivot: 120.64

S1: 120.25

S2: 119.87

S3: 119.10

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.00

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/JPY for October 21 – 2019

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