28.10.201908:04 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 28 - 2019

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EUR/JPY has barely been moving since the last trading day. It is trapped in a very narrow trading-rage between 120.31 - 120.59. However, we think that it is likely to move for a final dip to our ideal target seen at 119.87 from where EUR/JPY can turn back up as a new impulsive rally towards 124.64 and 129.50 as the next targets.

A direct break above minor resistance at 120.80 will indicate that the early correction has completed and the next impulsive rally is already developing.

R3: 121.47

R2: 121.30

R1: 120.80

Pivot: 120.60

S1: 120.36

S2: 119.87

S3: 119.53

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.00. If you are not long EUR yet, Then buy near 119.87 or upon a break above 120.80.

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