empty
 
 
28.10.2020 07:37 AM
Elliott wave analysis of EUR/JPY for October 28, 2020

This image is no longer relevant

The correction in wave 2/ took us by surprise and broke below short-term key support at 123.38, which invalidated the possible triangle consolidation. It calls for more downside pressure towards 122.38 and maybe even closer to 120.39 before wave 2/ finally comes to an end. This is exactly what makes correction so annoying. They can shift shape from day to day and the options are endless.

Resistance is now seen at 123.19 which should be able to act as a cap for the decline to 122.38.

R3: 123.38

R2: 123.19

R1: 123.00

Pivot: 122.82

S1: 122.52

S2: 122.38

S3: 121.83

Trading recommendation: Our stop at 123.35 was hit for a 20 pips loss. We will sideline for now.

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 April 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