FX.co ★ Elliott wave analysis of EUR/JPY for October 19, 2020

Short-term key-support at 123.00 has protected the downside and we are now looking for a break above minor resistance at 123.77 as a strong indication that wave ii has completed and wave iii to above the former peak at 127.02 is in motion.

Short.term support is now seen at 123.09 and this support should be able to protect the downside or a new test of key-support at 123.00 will be seen.

R3: 124.21

R2: 123.95

R1: 123.77

Pivot: 123.46

S1: 123.21

S2: 123.09

S3: 123.00

Trading recommendation:

We are long EUR from 123.48 with our stop placed at 123.00.