FX.co ★ Elliott wave analysis of EUR/JPY for November 19 - 2019

EUR/JPY has unfolded as expected. First, we saw a test of resistance at 120.67 followed by a corrective dip to support at 120.05. EUR/JPY is likely to break through the upside level again towards the next target at 123.58.

A clear break above resistance at 120.67 will open the way to at least 122.35 and higher to 123.58.

R3: 121.13

R2: 120.85

S1: 120.67

Pivot: 120.30

S1: 120.05

S2: 120.00

S3: 119.76

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 near 120.05 or upon a break above 120.67 and use the same stop at 119.30.