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07.10.201907:17 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 7 - 2019

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We are looking for bottom in the 117.14 - 117.28 area. This area has now been tested and we should soon see the first signs of a bottom being in place. A break above minor resistance at 117.63 and more importantly a break above resistance at 118.47 will confirm that wave ii has completed and wave iii is developing towards at least 121.93 and likely higher.

R3: 118.47

R2: 118.01

R1: 117.67

Pivot: 117.43

S1: 117.05

S2: 116.88

S3: 116.65

Trading recommendation:

We are long EUR from 117.20 with our stop placed at 116.20. A more conservative approach will be to buy EUR upon a break above 117.63

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