empty
 
 
24.11.2020 07:38 AM
Elliott wave analysis of EUR/JPY for November 24, 2020

This image is no longer relevant

EUR/JPY has broken out of the descending channel indicating the completion of the corrective decline from 125.13 and renewed upside pressure in the days and weeks to come. The first target to look for is minor resistance at 125.13 and a break above here will trigger a S/H/S bottom for a continuation towards the former peak at 127.02.

Short-term support is now seen at 123.64 and again at 123.89.

R3: 125.13

R2: 124.24

R1: 123.89

Pivot: 123.64

S1: 123.41

S2: 123.20

S3: 122.93

Trading recommendation:

We are long EUR from 123.46 and we have placed our stop at 122.90

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback