FX.co ★ Elliott wave analysis of EUR/JPY for November 10, 2020

EUR/JPY has finally rallied and broken clearly above resistance at 123.18 confirming that wave 2/ completed the test of 121.59. Wave 3/ now is in motion for a rally above the peak of wave 1/ at 127.02. It may rise higher towards at least 129.38.

Short-term support is now seen at 123.67 and strong support is seen at 123.18, but we doubt that the ongoing minor correction will be able to correct that far.

R3: 125.83

R2: 125.00

R1: 124.31

Pivot: 124.00

S1: 123.67

S2: 123.18

S3: 122.59

Trading recommendation:

We are long EUR from 122.25 and we will move our stop higher to 122.95