Elliott wave analysis of EUR/JPY for November 18, 2020

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EUR/JPY finally spiked lower to the expected corrective target at 123.58 (the low has been see at 123.36) this should complete the correction from 125.13 and set the stage for a new impulsive rally towards the former peak at 127.02 and likely closer to 129.36. Short-ter a break above minor resistance at 124.20 will confirm the completion of this correction and the expected rally higher to 125.13 and 127.02 as the next upside targets.

R3: 125.13

R2: 124.47

R1: 124.20

Pivot: 124.03

S1: 123.47

S2: 123.36

S3: 123.25

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