Elliott wave analysis of EUR/JPY for Dec 3, 2019

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The support-zone between 120.32 – 120.68 stopped the minor correction from 120.92. EUR/JPY is ready for the next attack towards the upside for a rally towards 121.40 and 121.98 on the way higher to 123.55.

Support is now seen in the 120.49 – 120.64 area. It is likely to protect the downside for a clear break above 120.90 for the expected continuation higher to 121.40 and 121.98.

R3: 121.98

R2: 121.40

R1: 121.13

Pivot: 120.64

S1: 120.49

S2: 120.32

S3: 120.05

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 120.25

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

Source:: Elliott wave analysis of EUR/JPY for December 3 – 2019

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