Elliott wave analysis of EUR/JPY for October 6, 2020

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EUR/JPY climbed up which supports our outlook for wave iii being in motion. We are currently looking for minor support at 124.39 to be able to protect the downside for more upside pressure towards minor resistance at 124.87 where a sideways consolidation is expected before the next push higher towards at least 126.03. Ultimately we expect the ongoing rally to push through the former peak at 127.02 as wave 3/ gain upside momentum.

R3: 125.26

R2: 124.86

R1: 124.69

Pivot: 124.39

S1: 124.29

S2: 124.04

S3: 123.70

Trading recommendation:

We are long EUR from 123.10 ((122.95+123.25)/2 = 123.10) and we will move our stop higher to 123.45.

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