empty
 
 
13.11.2019 08:14 AM
Elliott wave analysis of EUR/JPY for November 13, 2019

This image is no longer relevant

The correction in red wave ii has turned into a triple zig-zag correction (x-y-z). Even though the individual zig-zags are simple structures, when added into a triple structure it becomes a complex corrective structure. With the z-wave reaching our ideal target at 119.87 perfectly the correction in red wave ii now is regarded as complete and a break above minor resistance at 120.48 and more importantly a break above 121.14 will confirm the next impulsive rally higher to 123.59 and longer term much higher levels remains expected.

R3: 121.48

R2: 121.11

R3: 120.88

Pivot: 120.48

S1: 120.10

S2: 119.87

S3: 119.55

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 120.48 and place you stop at 119.75

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 $8000 more!
    In March we raffle $8000 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