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29.10.201908:01 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 29 - 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 29.10.2019 analysis

Despite EUR/JPY breaking above minor resistance at 120.80 we recommend to remain cautious as the corrective decline from 121.48 looks incomplete and the risk of more downside pressure towards 120.33 and likely even closer to our ideal target at 119.87 seems possible.

Only a clear break above resistance at 121.39 will confirm the completion of this correction and a new impulsive rally towards 124.64 and 129.50.

R3: 121.47

R2: 121.30

R1: 121.15

Pivot: 120.81

S1: 120.57

S2: 120.32

S3: 119.87

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.00.

Torben Melsted
Analytical expert of InstaForex
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