Elliott wave analysis of EUR/JPY for Nov 29, 2019

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EUR/JPY is still trying to break the level of 120.68. It should just be a matter of time before this hurdle cracks and the pair continues to advance to 121.40 and 121.98. Short-term support is located at 120.33 and then at 120.05. We expect the later support to be able to protect the downside for a clear break above 120.68.

R3: 121.98

R2: 121.40

R1: 121.13

Pivot: 120.68

S1: 120.33

S2: 120.05

S3: 119.80

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.55

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

Source:: Elliott wave analysis of EUR/JPY for November 29 – 2019

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