empty
 
 
25.10.2019 07:10 AM
Elliott wave analysis of EUR/JPY for October 25 - 2019

This image is no longer relevant

The correction in red wave ii continues to play out as expected. The correction has become more complicated and should eventually move lower to our ideal target at 119.87 before completing the correction and turn back up towards 124.64 and 129.50. In the long term, it is likely to grow higher if strong resistance near 129.50 has been overcome.

In the short-term, a break below minor support at 120.36 should lead to a final dip closer to our ideal target at 119.87 before moving higher again.

R3: 121.47

R2: 121.30

R1: 120.85

Pivot: 120.71

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 EUR near 120.00 for the next impulsive rally towards 124.64

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback