Elliott wave analysis of EUR/JPY for December 14, 2020

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EUR/JPY failed to break above the minor resistance at 126.78. It made a second dip to support at 125.75. This does not really change anything other than delay the expected rally higher to 127.02 and 129.06 as the next upside targets.

We expect minor support at 125.95 to be able to protect the downside for the rally above 126.78 and higher.

R3: 127.75

R2: 127.30

R1: 126.78

Pivot: 126.30

S1: 125.95

S2: 125.75

S3: 125.50

Trading recommendation:

Our stop at 125.80 was hit for a nice profit of 237 pips. We will re-but EUR here at 126.25 and place our stop at 125.70.

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