Elliott wave analysis of EUR/JPY for November 23, 2020

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The correction from 125.14 has stalled at the 61.8% corrective target seen at 122.96. It is a very common corrective target and could be the low for this correction, but we will need a break above minor resistance at 123.46 to confirm that the correction from 125.14 has completed and a new impulsive rally towards 125.14 and 127.02 is unfolding.

A failure to break above minor resistance at 123.46 shortly will likely yield a dip closer to the 78.6% corrective target at 122.37 before the correction from 125.14 is complete and a new impulsive rally can take off.

R3: 123.95

R2: 123.46

R1: 123.13

Pivot: 122.96

S1: 122.82

S2: 122.64

S3: 122.37

Trading recommendation:

We will buy EUR at 122.50 or upon a break above 123.46

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