Elliott wave analysis of EUR/JPY for December 4, 2018

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EUR/JPY was once again rejected near short-term important resistance at 129.23. This resistance need to be broken to confirm the next rally into the 130.89 - 130.99 target-zone.

Support is now seen at 128.49 and the at 128.30, The later should be able to protect the downside for the expected rally into the 130.89 - 130.99 target-zone. A break below 128.30 will dealy the move higher for a decline towards 127.81 first.

R3: 130.89

R2: 130.06

R1: 129.62

Pivot: 129.23

S1: 128.84

S2: 128.64

S3: 128.30

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