21.10.202006:21 Forex Analyse & Reviews: Elliott wave analysis of EUR/JPY for October 21, 2020

Exchange Rates 21.10.2020 analysis

EUR/JPY is now testing resistance at 125.09 and a break above here calls for a rally towards the former top at 127.02. The former peak at 127.02 should only prove to be a temporary top before the next push higher towards at least 128.43 and likely even closer to 129.24.

Support is now seen at 124.36 and again at 124.14.

R3: 125.68

R2: 125..35

S1: 125.09

Pivot: 124.70

S1: 124.58

S2: 124.36

S3: 124.14

Trading recommendation:

We are long EUR from 123.48 and we will raise our stop to 123.90

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Uitgevoerd door Torben Melsted,
Analytische expert
InstaForex Group © 2007-2020
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