Elliott wave analysis of EUR/JPY for December 3, 2020

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EUR/JPY is now testing the former peak at 127.02 which could give wau for a short-term consolidation before a continuation higher towards the 129.06 target. Short-term support is seen at 125.94 which is expected to act as a floor for the next push higher through minor resistance at 127.02 for a continuation higher to 129.06.

R3: 128.38

R2: 127.50

R1: 127.02

Pivot: 126.56

S1: 125.94

S2: 125.80

S3: 125.60

Trading recommendation:

We are long EUR from 123.46 and we will raise our stop to 125.00

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