FX.co ★ Elliott wave analysis of EUR/JPY for December 10 - 2019

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