Elliott wave analysis of EUR/JPY for Nov 4, 2019

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The dip to 120.26 could be enough to complete the correction in red wave ii if this the case, then a break above minor resistance at 121.26 should be seen soon for a continuation higher towards 124.64 and likely even much higher.

That said, we could see a final dip closer to our ideal target at 119.87, but time is running out for that outcome.

R3: 121.78

R2: 121.48

R1: 121.26

Pivot: 120.83

S1: 120.26

S2: 120.00

S3: 119.87

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 4, 2019

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