Elliott wave analysis of EUR/JPY for Dec 9, 2019


EUR/JPY failed to break above 121.02 and started a new decline below 120.09. This was not our preferred outcome. It has only extended blue wave (ii) from a possible expanded flat to a more prolonged zig-zag correction. The ideal target for blue wave (ii) is seen at 119.88 from where a new rally is expected towards resistance in the 120.89 – 121.02 area. Once this level is overcome, it will go higher to 122.24 and 123.55.

R3: 121.02

R2: 120.89

R1: 120.42

Pivot: 120.24

S1: 119.88

S2: 119.78

S3: 119.67

Trading recommendation:

Our stop at 120.00 was hit for a 11 pips loss. We will re-buy EUR at 119.95 or upon a break above 120.24

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

Source:: Elliott wave analysis of EUR/JPY for December 9 – 2019

Won't your trader friends like this?
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