Elliott wave analysis of EUR/JPY for December 23 - 2019

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EUR/JPY continues to follow the expected path higher towards 123.55 that ideally will mark the top of red wave iii. In the short-term, we expect blue wave (iv) to be close to completion and a new impulsive rally in blue wave (v) towards 123.08 as the underlying uptrend continues towards 123.55 and in the longer-term even higher than that.

Support is seen at 121.01 which ideally will be able to protect the downside for a break above 121.70 indicating that blue wave (iv) has completed and blue wave (v) is developing towards 123.08.

R3: 122.46

R2. 122.05

R1: 121.70

Pivot: 121.47

S1: 121.16

S2: 121.01

S3: 120.73

Trading recommendation:

We are long EUR from 120.25 with our stop placed at break-even.

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