Elliott wave analysis of EUR/JPY for November 13, 2020

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EUR/JPY is expected to hit the target at 123.58 before starting to move higher again towards the former peak at 127.02 and ultimately above here to for a continuation towards the 129.06 target. In the longer-term, the pair may surge to higher levels but for now, the equality target at 123.58 will protect the downside and call for renewed upside pressure through minor resistance at 124.50 towards 127.02.

R3: 125.72

R2: 125.00

R1: 124.65

Pivot: 124.13

S1: 123.95

S2: 123.58

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