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10.12.201907:44 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 10 - 2019

Long-term review
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 10.12.2019 analysis

EUR/JPY remains locked inside a narrow range between 119.96 to 120.27 indicating a final dip closer to 119.88 before the next impulsive rally higher. It is possible that we will see the low of blue wave (ii) at 119.96. Blue wave (iii) is going higher to 122.24 and 123.55. A break above 120.27 and more importantly a break above resistance at 120.68 will confirm that this scenario may take place.

R3: 121.02

R2: 120.89

R1: 120.42

Pivot: 120.27

S1: 119.88

S2: 119.78

S3: 119.67

Trading recommendation:

We bough EUR at 120.25 and we have placed our stop at 119.60

Torben Melsted
Analytical expert of InstaForex
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