Elliott wave analysis of EUR/JPY for December 7, 2020

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EUR/JPY is still consolodating in the 126.00 - 126.68 area before the next impulsive rally higher to the double bottom target at 129.06. On the way higher the former peak at 127.02 will provide some resistance, but it should just be a matter of time before this resistance is overcome and a continuation towards the 129.06 target is seen.

R3: 127.41

R2: 127.02

R1: 126.68

Pivot: 126.44

S1: 126.00

S2: 125.75

S3: 125.47

Trading recommendation:

We are long EUR from 123.43 and we have moved our stop higer to 125.50

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