FX.co ★ Elliott wave analysis of EUR/JPY for November 21 - 2019

EUR/JPY has rallied from the 119.82 low. The break above minor resistance at 120.29 will indicate that blue wave ii has completed and blue wave iii towards 122.35 is developing. A break above resistance at 120.41 will confirm that blue wave iii is unfolding and might rally to 122.35 or higher to at least 123.58.

Support is now seen at 120.13 which may protect the downside for the expected break above 120.41. Only a break below 119.91 will extend the correction in blue wave ii.

R3: 121.13

R2: 120.85

R1: 120.48

Pivot: 120.29

S1: 120.13

S2: 119.91

S3: 119.82

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.30. If you are not long EUR yet, then buy a break above 120.41 and place you stop at 119.80.