FX.co ★ Elliott wave analysis of EURJPY for November 6, 2020

Contrary to the equity market, the forex market is bearish due to the uncertainty as the outcome of the presidential election is still unclear. Is it a risk-on or a risk-off environment? Because of that uncertainty EUR/JPY barely has not moved the last couple of days.

As long as support at 121.59 is able to protect the downside, we will continue to look for more upside pressure through minor resistance at 123.18 and more importantly above resistance at 124.23 confirming a new impulsive rally in wave 3/ is in motion.

A break below support at 121.59 will call for a dip to 120.58 before going up.

R3: 125.00

R2: 124.23

R1: 123.18

Pivot: 122.78

S1: 122.26

S2: 121.59

S3: 120.58