05.12.201908:02 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 5 - 2019

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EUR/JPY dipped to a low of 120.09 before inching up again. We still need a clear break above minor resistance at 121.02 to confirm the next run higher to 122.24 and 123.55 as the next upside targets. Support is now seen at 120.51 and 120.24. The later is likely to protect the downside or the quote will fall to 120.09.

R3: 121.90

R2: 121.48

R1: 120.90

Pivot: 120.51

S1: 120.24

S2: 120.09

S3: 119.88

Trading recommendation:

We bought EUR again at 120.11 and we will place our stop at 120.00

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