Elliott wave analysis of EUR/JPY for November 27, 2020

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The minor correction from 124.52 is still in motion and will likely move into support in the 123.54 - 123.61 area before finding a floor and start pushing higher towards the necline resistance at 125.17 and a break above here will call for a continuation towards the former peak at 127.02 and likely even closer to resistance at 129.06 as the next major upside target.

R3: 125.17

R2: 124.57

R1: 124.12

Pivot: 124.09

S1: 123.87

S2: 123.61

S3: 123.54

Trading recommendation:

We are long EUR from 123.46 and we have our stop placed at break-even.

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