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FX.co ★ Elliott wave analysis of EUR/JPY for November 19, 2020

Elliott wave analysis of EUR/JPY for November 19, 2020

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EUR/JPY continued lower changing the corrective shape, we had been favoring into a deeper correction that likely will move closer to solid support near 122.37 before the next impulsive rally higher. Only a break above minor resistance at 123.26 will indicate an early completion of the correction and call for renewed upside pressure towards 124.44 and a break above here will confirm the impulsive rally is in motion.

Taking a step back, EUR/JPY can been correcting since mid-August and has more or less been moving sideways in a larger corrective pattern and if our count is correct, then we are in the early parts of a new larger impulsive rally, that should break above the former peak at 127.02.

R3: 123.95

R2: 123.57

R1: 123.26

Pivot: 123.13

S1: 122.82

S2: 122.64

S3: 122.37

Trading recommendation:

Our stop at 123.35 was hit for a nice 100 pips profit. We will re-buy EUR at 122.50 or upon a break above 123.26

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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