Elliott wave analysis of EUR/JPY for Nov 26, 2019

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EUR/JPY has rallied as expected. However, the pair stalled at the short-term key-resistance 120.30. Therefore, it keeps the minor corrective downtrend intact. It is a matter of time before the next attempt for a break will occur. A break above 120.30 may support the growth of the pair to 121.45 and 123.55.

Strong support is seen at 119.62. It is expected to protect the downside for the next attempt to break above 120.30.

R3: 120.64

R2: 120.39

R1: 120.30

Pivot: 120.13

S1: 119.94

S2: 119.79

S3: 119.62

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.30. If you are not long EUR yet, then buy a break above 120.30 and use the same stop at 119.30

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

Source:: Elliott wave analysis of EUR/JPY for November 26 – 2019

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