Elliott wave analysis of EUR/JPY for December 2, 2020

analytics5fc722a1a3a96.jpg

EUR/JPY broke above the double-bottom neckline at 125.17. It calls for a continuation higher to the former peak at 127.02 and ideally closer to the double-bottom target at 129.06. In the short-term, EUR/JPY may break above the neckline and rise to 127.02.

Support is now seen at 125.47 and at 125.17.

R3: 127.55

R2: 127.02

R1: 126.48

Pivot: 126.07

S1: 125.47

S2: 125.17

S3: 124.58

Trading recommendation:

We are long EUR from 123.46 and we will raise our stop to 124.80

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