FX.co ★ Elliott wave analysis of EUR/JPY for November 7 - 2019

The correction in red wave ii is now in its final stages and could bottom out anytime for the next impulsive rally towards 123.59 and higher in the long-term. The correction in red wave ii could still reach our ideal target at 119.87 before completing and starting to move higher again.

in the short-term, a break above minor resistance at 120.64 will be the first strong indication that red wave ii has completed and the rally towards 123.59 is developing.

R3: 120.93

R2: 120.64

R1: 120.47

Pivot: 120.32

S1: 120.19

S2: 119.87

S3: 119.70

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.00. If you are not long EUR yet, then buy near 119.87 and use the same stop at 119.00