Elliott wave analysis of EUR/JPY for December 18, 2020

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EUR/JPY finally looks to be ready to break above short-term key-resistance at 126.72 for a continuation higher towards 127.02 and ideally closer to the 129.06 target. Short-term we see support at 126.39 and solid support at 126.02, which we expect will be able to protect the downside for the expected break above 126.72 for the next push higher.

R3: 127.27

R2: 127.30

R1: 126.78

Pivot: 126.39

S1: 126.02

S2: 125.71

S3: 125.50

We are long EUR from 126.25 with our stop placed at 125.70

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