Elliott wave analysis of EUR/JPY for Nov 1, 2019

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Resistance at 121.48 capped the upside and pushed EUR/JPY back below short-term key support at 120.55 indicating that red wave ii still was in motion. This means a dip towards our ideal corrective target at 119.87 is still possible before a new rally towards 124.64 should be expected.

R3: 121.48

R2: 121.15

R1: 120.83

Pivot: 120.26

S1: 120.00

S2: 119.87

S3: 119.71

Trading recommendation:

WE are long EUR from 117.25 and we will drop our stop back to 119.00. If you are not long EUR yet, then buy near 120.00 and use the same stop at 119.00

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

Source:: Elliott wave analysis of EUR/JPY for November 1 – 2019

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