FX.co ★ Elliott wave analysis of EUR/JPY for October 1 - 2019

EUR/JPY dipped to a low of 117.55 before turning higher. We are now looking for a re-test of short-term key-resistance at 118.56 and a break above here will confirm wave ii has completed and wave iii higher to at least 121.93 is developing.

Only a break below 117.43 will indicate that wave ii still is in motion but the potential downside should be limited to the 117.14 - 117.28 area.

R3: 118.79

R2: 118.56

R1: 118.20

Pivot: 118.03

S1: 117.91

S2: 117.73

S3: 117.55

Trading recommendation:

We bought EUR at 117.92 and have our stop placed at 117.40.