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

analytics5de9eb3e25a53.png

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

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*