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15.11.201908:06 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 15 - 2019

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EUR/JPY pushed lower towards the limit near 119.17 (the low has been seen at 119.23). We are looking for a break above minor resistance at 119.80 as it indicates that red wave ii finally has completed and red wave iii higher towards 123.58 is developing.

The support in the 119.17 - 119.23 area will be able to protect the downside for the break above minor resistance at 119.80. A break above 120.25 will confirm that red wave iii is developing.

R3: 120.64

R2: 120.25

R1: 119.80

Pivot: 119.57

S1: 119.23

S2: 119.17

S3: 119.00

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 a break above 119.80 and use the same stop at 119.00

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