FX.co ★ Elliott wave analysis of EUR/JPY for November 2, 2020

EUR/JPY shortly move above minor resistance at 122.25, but wasn't able to sustain the break and fell back below to re-test the low at 121.59. At this point a final dip to just below 122.25 can't be excluded as long as minor resistance at 122.46 is able to cap the upside.

Only a break above 122.46 and more importantly a break above resistance at 122.89 can confirm that wave 2 was completed and wave 3 now is in motion for an ultimate break above the former peak at 127.02.

R3: 122.89

R2: 122.46

R1: 121.98

Pivot: 121.80

S1: 121.59

S2: 121.13

S3: 120.62

Trading recommendation:

We bought EUR at 122.25 and we have placed our stop at 121.25