Elliott wave analysis of EUR/JPY for November 24, 2016

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Wave summary:

EUR/JPY is finally accelerating higher, having broken above resistance at 118.60. The pair is now testing the next target near 119.42. The rally from 113.70 is becoming a bit extended now, but only a break below minor support at 118.46 will indicate that red wave iii is complete and red wave iv is unfolding for a correction towards 116.37. In the short term, the next resistance at 119.42 is likely to be broken too. Then the next target to look for is seen at 121.03 with the next major target expected at 122.00.

Trading recommendation:

We are long EUR from 115.04 and will move our stop higher to 118.40. If you are not long EUR yet, then buy the next correction.

The material has been provided by InstaForex Company – www.instaforex.com

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