Elliott wave analysis of EUR/JPY for November 30, 2020

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EUR/JPY is set to test the neckline resistance at 125.17. 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. We currently see a nice S/H/S bottom with a neckline at 125.17 dominating the short-term picture and in our view, it is only a question of time before the neckline resistance is broken and the next impulsive rally is triggered for a re-test of the former peak at 127.02.

Support is currently seen at 123.87 and then at 123.54.

R3: 125.50

R2: 125.17

R1: 124.75

Pivot: 124.22

S1: 123.87

S2: 123.54

S3: 123.20

Trading recommendation:

We are long EUR from 123.46 with our stop placed at break-even.

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