Elliott wave analysis of EUR/JPY for Dec 2, 2019

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EUR/JPY has broken above resistance at 120.68 confirming the next upside attack towards 121.40 and 121.98 on the way higher towards 123.55. The former resistance at 120.68 turns into the support level. A break below will not be critical. Only a break below support at 120.32 will indicate a more substantial correction unfolding but this is not our preferred count at this point. So, look for solid support in the 120.32 – 120.68 area for the next rally higher to 121.40 and 121.98.

R3: 121.98

R2: 121.40

R1: 121.13

Pivot: 120.68

S1: 120.32

S2: 120.05

S3: 119.80

Trading recommendation:

We are long EUR from 117.25 and we will raise our stop to 120.25.

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

Source:: Elliott wave analysis of EUR/JPY for December 2 – 2019

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