EURJPY Wave Analysis 29 October, 2020
October 29, 2020 @ 17:35 +03:00
• 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)).