FX.co ★ Elliott wave analysis of EUR/JPY for November 28 - 2019

Short-term important resistance at 120.30 has been cleared. Blue wave iii towards 121.98 now is developing. The next minor hurdle is seen at 120.68. It should be a matter of time before this resistance is broken as well and the pair will move higher towards 121.40 and 121.98.

The support level is now seen at 120.23 and 120.05.

R3: 121.98

R2: 121.40

R1: 121.13

Pivot: 120.68

S1: 120.23

S2: 120.05

S3: 119.80

Trading recommendation:

We are long EUR from 117.25 and we will raise our stop to 119.55.