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12.12.2019 07:52 AM
Elliott wave analysis of EUR/JPY for December 12 - 2019

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The break above key-resistance at 120.68 calls for more upside progress towards 122.07 on the way higher towards 123.55. Short-term support is now seen at the former resistance at 120.68, this former resistance has now turned into support. Key-support is seen at 120.35 and a break below here will indicate a more complex correction in blue wave (ii) is developing.

R3: 122.38

R2: 121.89

R1: 121.38

Pivot: 120.93

S1: 120.68

S2: 120.56

S3: 120.35

Trading recommendation:

We are long EUR from 120.25 and we have moved our stop higher to break-even at 120.25

Torben Melsted,
Analytical expert of InstaForex
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