Elliott wave analysis of EUR/JPY for Oct 29, 2019

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Despite EUR/JPY breaking above minor resistance at 120.80 we recommend to remain cautious as the corrective decline from 121.48 looks incomplete and the risk of more downside pressure towards 120.33 and likely even closer to our ideal target at 119.87 seems possible.

Only a clear break above resistance at 121.39 will confirm the completion of this correction and a new impulsive rally towards 124.64 and 129.50.

R3: 121.47

R2: 121.30

R1: 121.15

Pivot: 120.81

S1: 120.57

S2: 120.32

S3: 119.87

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 29 – 2019

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