Elliott wave analysis of EUR/JPY for Dec 6, 2019


EUR/JPY is still trying to break resistance at 121.02. It should be a matter of time before this resistance is overcome and the pair will move higher to 122.24 and 123.55. In the short-term, a minor corrective dip to 120.51 seems likely before the next attempt to break above resistance at 121.02 is in the cards. Even a short-term break below 120.51 does not change our overall bullish outlook. Only a break below 120.09 will question the uptrend.

R3: 121.90

R2: 121.48

R1: 120.90

Pivot: 120.51

S1: 120.24

S2: 120.09

S3: 119.88

Trading recommendation:

WE are long EUR from 120.11 with our stop placed at 120.00

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

Source:: Elliott wave analysis of EUR/JPY for December 6 – 2019

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