Elliott wave analysis of EUR/JPY for December 8, 2020

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The consolidation in red wave iv/ is likely complete or very close to being complete and red wave v/ higher to 127.30 should be expected short-term. A break above minor resistance at 126.48 will confirm the rally in red wave v/ to 127.30 as the first minor upside target. If a break above 127.30 is seen the next target in play will be 127.75 and finally 128.21 to complete red wave v/ and red wave iii.

Support is seen at 125.92.

R3: 127.75

R2: 127.30

R1: 126.66

Pivot: 126.48

S1: 125.92

S2: 125.61

S3: 125.34

Trading recommendation:

We are long EUR from 123.43 with our stop placed at 125.50

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