Elliott wave analysis of EUR/JPY for November 24, 2020

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EUR/JPY has broken out of the descending channel indicating the completion of the corrective decline from 125.13 and renewed upside pressure in the days and weeks to come. The first target to look for is minor resistance at 125.13 and a break above here will trigger a S/H/S bottom for a continuation towards the former peak at 127.02.

Short-term support is now seen at 123.64 and again at 123.89.

R3: 125.13

R2: 124.24

R1: 123.89

Pivot: 123.64

S1: 123.41

S2: 123.20

S3: 122.93

Trading recommendation:

We are long EUR from 123.46 and we have placed our stop at 122.90

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