FX.co ★ Elliott wave analysis of EUR/JPY for December 4, 2020

EUR/JPY entered minor consolidation. It should move closer to the next minor upside target at 127.41 anytime now. In the longer-term, we expect EUR/JPY to continue higher towards 129.06 as the underlying uptrend gaters upside momentum.

Support is seen in the 125.78 - 126.00 area.

R3: 127.41

R2: 127.02

R1: 126.48

Pivot: 126.00

S1: 125.78

S2: 125.47

S3: 125.17

Trading recommendation:

We are long EUR from 123.46 and upon a break above 126.60 we will move our stop higher to 125.50.