Elliott wave analysis of EUR/JPY for December 11, 2020

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EUR/JPY is ready to break out from the latest consolidation for the next impulsive rally towards 129.06 as the next upside target. A break above 126.66 will constituate the break out of the consolidation and renewed upside progress.

Short-term support is seen at 126.20 and again at 126.00.

R3: 128.05

R2: 127.75

R1: 127.30

Pivot: 126.66

S1: 126.20

S2: 126.00

S3: 125.83

Trading recommendation:

We are long EUR from 123.43 and we raised our stop to 125.80.

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