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

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 05.12.2019 analysis

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

Torben Melsted
Analytical expert of InstaForex
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