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16.10.201906:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 16 - 2019

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EUR/JPY needed a second corrective dip closer to our ideal target at 119.01. It did not manage to hit this target and bottomed at a low of 119.10 before moving higher again towards the next upside target at 121.93.

That said, we do see some short-term weakness and loss of upside momentum, but key-support at 119.10 should limit the downside and continue to push EUR/JPY higher. It is also important to remember that we are looking for wave three which normally is the longest of the impulsive waves and corrections tend to be sub-normal.

R3: 121.93

R2: 121.14

R1: 120.55

Pivot: 120.00

S1: 119.57

S2: 119.30

S3: 119.10

Trading recommendation:

We are long EUR from 117.25 and we will move our stop higher to 118.55.

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