FX.co ★ Elliott wave analysis of EUR/JPY for November 9, 2020

We continue to look for more upside pressure through minor resistance at 123.18 for a rally towards 125.00 and ultimately above the former peak at 127.02 for a rally to129.24.

In the short-term, we can see support at 122.81 and then solid support at 122.16 which we expecte will be able to protect the downside for a push through minor resistance at 123.18.

R3: 124.24

R2: 123.67

R1: 123.18

Pivot: 122.89

S1: 122.81

S2: 122.16

S3: 121.59

Trading recommendation:

We are long EUR from 122.25 and we will move our stop higher to 122.10