Elliott wave analysis of EUR/JPY for November 16, 2020

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EUR/JPY is ever so slowly approching the corrective target at 123.58 from where we expect a new impulsive rally through minor resistance at 124.30 for renewed upside pressure towards the former peak at 127.02 and ultimately above here too for a continuation higher towards 129.06.

A direct break above minor resistance will indicate that EUR/JPY has completed it correction from 125.13 and is ready the next push higher.

R3: 125.72

R2: 125.00

R1: 124.65

Pivot: 124.13

S1: 123.95

S2: 123.58

R3: 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