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Elliott wave analysis of EUR/JPY for October 18 - 2019

analytics5da941de5104d.png

EUR/JPY has rallied as expected and has almost hit our 121.93 target (reaching its high at 121.50). We have seen a clear loss of upside momentum for the last couple of days. It indicates that a short-term correction is needed. We should expect a dip to strong support near 119.87 before the next strong push higher towards 124.64 and likely even higher before the new impulsive uptrend really.

R3: 122.01

R2: 121.50

R1: 121.00

Pivot: 120.64

S1: 120.25

S2: 119.87

S3: 119.10

Trading recommendation:

We are looking for EUR from 117.25 and we will move our stop higher to 119.00

The material has been provided by InstaForex Company - www.instaforex.com