FX.co ★ Elliott wave analysis of EUR/JPY for December 15, 2020

We continue to look for a break above minor resistance at 126.78 for a continuation higher towards 127.02 and ideally closer to 129.06 as the next upside targets. However, as long as minor resistance is able to cap the upside, we most accept more sideways consolidation within the 126.00 - 126.78 range, but ultimately a break higher is expected.

Minor supports is seen at 126.26 and 126.00.

R3: 127.75

R2: 127.30

R1: 126.78

Pivot: 126.26

S1: 126.00

S2: 125.75

S3: 125.50

Trading recommendation:

We are long EUR from 126.25 with our stop placed at 125.70