EUR/JPY look for continuation higher
|The chart below shows EURJPY in a bullish impulse since the 28th of September 2020. The initial move higher is shown as a leading diagonal with a deep retracement to the 78.6 Fibonacci level.
The bounce of the 78.6 Fibonacci level was in five waves in a minor degree which signalled a reversal to come. Since the 15th of October, we have pushed higher in a bullish one two, one two the major count is shown in the chart below but look for continuation to the upside after we see a correction in the wave iv position.
The current wave count is valid as long as we do not break 123.470, look for buying opportunities on dips. A break of 125.079 opens the door to upside targets of 127.028.
Keys news events to look out for this week Friday 23 October. French Flash Services PMI, French Flash Manufacturing PMI, German Flash Manufacturing PMI, German Flash Services PMI.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.