Elliott wave analysis of EUR/JPY for Nov 6, 2019

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EUR/JPY tested short-term key-resistance at 121.26 yesterday. However, it was not able to break through. That is why the possibility of more downside pressure looks quite likely. That said, we will likely only see a dip into minor support in the 120.49 – 120.66 area before the pair undertakes the next attempt to break above short-term key resistance and more importantly above resistance at 121.47 for a continuation higher to at least 123.55 and 129.50 in the long-term.

Only an unexpected break below 120.26 will change our 119.87 corrective target. Then, it will continue its upward trend.

R3: 121.78

R3: 121.48

R1: 121.26

Pivot: 120.93

S1: 120.66

S3: 120.49

S1: 120.26

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.00

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

Source:: Elliott wave analysis of EUR/JPY for November 6 – 2019

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