Elliott wave analysis of EUR/JPY for November 17, 2020

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EUR/JPY is hardly moving at the moment. It tried to rally past minor resistance at 124.30, but failed, which keeps the corrective target at 123.58 to be hit before the next impulsive rally higher. Only a clear break above yesterdays peak at 124.44 will confirm the completion of the correction from 125.13 and the onset of a new impulsive rally towards the former peak at 127.02 and higher towards 129.36.

R3: 125.75

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