Elliott wave analysis of EUR/JPY for December 3, 2018

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We continue to look for wave D moving higher towards the 130.89 - 130.99 resistance zone before a possible minor peak is in place and a final dip in wave E sets in. A strong break above resistance at 129.23 confirms the expected rally into the 130.89 - 130.99 target zone for wave D.

Support is now seen at 128.62 and important short-term support is located at 128.23, which needs to protect the downside to keep this count alive.

R3: 130.89

R2: 130.06

R1: 129.62

Pivot: 129.25

S1: 128.84

S2: 128.64

S3: 128.22

Trading recommendation:

We are long EUR from 129.25 with our stop placed at 128.00.

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