FX.co ★ Elliott wave analysis of EUR/JPY for October 23 - 2019

The expected correction towards 119.87 is playing out as expected. We may see a dip close to our ideal target in the coming days to complete this correction and set the stage for the next impulsive rally towards the next minor target at 124.64.

In the long-term, we are looking for much higher levels with the first serious hurdle seen near 129.50. When this hurdle has been overcome, we expect some real upside acceleration.

R3: 121.30

R2: 121.07

R1: 120.77

Pivot: 120.64

S1: 120.25

S2: 119.87

S3: 119.10

Trading recommendation:

We are looking for EUR from 117.25 with our stop placed at 119.00