Elliott wave analysis of EUR/JPY for Nov 13, 2019

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The correction in red wave ii has turned into a triple zig-zag correction (x-y-z). Even though the individual zig-zags are simple structures, when added into a triple structure it becomes a complex corrective structure. With the z-wave reaching our ideal target at 119.87 perfectly the correction in red wave ii now is regarded as complete and a break above minor resistance at 120.48 and more importantly a break above 121.14 will confirm the next impulsive rally higher to 123.59 and longer term much higher levels remains expected.

R3: 121.48

R2: 121.11

R3: 120.88

Pivot: 120.48

S1: 120.10

S2: 119.87

S3: 119.55

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.00. If you are not long EUR yet, then buy a break above 120.48 and place you stop at 119.75

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

Source:: Elliott wave analysis of EUR/JPY for November 13, 2019

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