Elliott wave analysis of EUR/JPY for November 12, 2020

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EUR/JPY is expected to hit the corrective target at 123.56 before moving higher again towards the next upside target at 127.02 and likely closer to 129.38. In the short-term, a break above minor resistance at 124.29 will confirm that the ongoing correction from 125.13 has completed and the next impulsive rally is unfolding towards 127.02.

It will take an unexpected break below support at 123.25 to question the rally from 121.59 and indicate something much more complex is unfolding.

R3: 125.72

R2: 125.00

R1: 124.65

Pivot: 124.13

S1: 123.95

S2: 123.44

S3: 123.23

Trading recommendation:

We are long EUR from 122.25 with our stop placed at 123.25

The material has been provided by InstaForex Company - www.instaforex.com