FX.co ★ Elliott wave analysis of EUR/JPY for October 17 - 2019

EUR/JPY continues to climb higher as expected. Currently EUR/JPY is testing resistance at 120.55 and we see a clear loss of upside momentum now. This is not mean that EUR/JPY can not fight is way higher towards our ideal target at 121.93 but the risk of a correction setting in has clearly increased. A break below short-term support at 119.73 will indicate that EUR/JPY has seen a short-term peak and a correction towards 119.00 - 119.10 should be expected before the next push higher.

R3: 121.93

R2: 121.14

R1: 120.55

Pivot: 120.00

S1: 119.73

S2: 119.55

S3: 119.10

Trading recommendation:

We are long EUR from 117.25 and we will keep our stop at 118.55