Elliott wave analysis of EUR/JPY for Oct 22, 2019

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EUR/JPY remains locked in a narrow trading-band near the peak at 121.47. We continue to look for a short-term correction towards 119.87 before the next impulsive rally higher towards the next minor target at 124.64.

In the short-term, a break below 120.64 will confirm the correction towards 119.87 and then higher from there again.

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 22 – 2019

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