EURJPY Wave Analysis 29 October, 2020

• EURJPY broke support area

• Likely to fall to 121.00

EURJPY recently broke the support area lying between the key support level 122.60 (low of the previous short-term impulse wave A) and the 38.2% Fibonacci correction of the upward impulse from May.

This fibonacci retracement also coincided with the 61.8% Fibonacci correction of the upward impulse from June – forming the Fibonacci cluster.

EURJPY is likely to fall further toward the next support level 121.00 (target price for the completion of the active minor impulse wave (iii)).