FX.co ★ Elliott wave analysis of EUR/JPY for December 1, 2020

EUR/JPY started December by testing the important neckline resistance at 125.17 once this neckline finally gives away, that will open up for a rally towards the former peak at 127.02 and ideally closer to the 129.06 target.

Short-term, support is seen near 124.34 and agian at 123.90.

R3: 126.43

R2: 125.91

R1: 125.42

Pivot: 125.17

S1: 124.34

S2: 123.90

S3: 123.55

Trading recommendation:

We are long EUR from 123.46 and we will move our stop higher to 123.80.