22.11.201908:12 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 22, 2019

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EUR/JPY tried to break higher yesterday, but failed, which is a bit uncomfortable, but as long as minor support at 119.91 is able to protect the downside, we are convinced, that blue wave ii has completed and blue wave iii higher towards at least 122.35 now is developing. A firm break above minor resistance at 120.27 and more importantly a break above resistance at 120.69 will accelerate the expected rally higher to 122.35 and above.

Only an unexpected break below 119.91 will extend the correction in blue wave ii, but the downside should be limited to 119.72.

R3: 121.13

R2: 120.85

R1: 120.48

Pivot: 120.27

S1: 120.13

S2: 119.91

S3: 119.72

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 upon a break above 120.27 and use the same stop at 119.30

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