Elliott wave analysis of EUR/JPY for November 25, 2020

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EUR/JPY continues to push higher towards the neckline resistance seen at 125.17 a break above here will trigger the S/H/S bottom for a continuation higher to the former peak at 127.02 and likely even closer to 129.06 and the next major upside target.

Short-term, we see support at 124.11 which ideally will be able to protect the downside for the expected push higher to test the neckline resistance.

R3: 125.17

R2: 124.74

R1: 124.50

Pivot: 124.34

S1: 124.11

S2: 123.90

S3: 123.67

Trading recommendation:

We are long EUR from 123.46 and we will move our stop to break-even at 123.46.

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