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21.10.202006:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 21, 2020

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 21.10.2020 analysis

EUR/JPY is now testing resistance at 125.09 and a break above here calls for a rally towards the former top at 127.02. The former peak at 127.02 should only prove to be a temporary top before the next push higher towards at least 128.43 and likely even closer to 129.24.

Support is now seen at 124.36 and again at 124.14.

R3: 125.68

R2: 125..35

S1: 125.09

Pivot: 124.70

S1: 124.58

S2: 124.36

S3: 124.14

Trading recommendation:

We are long EUR from 123.48 and we will raise our stop to 123.90

Torben Melsted
Analytical expert of InstaForex
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