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Exchange Rates 03.12.2019 analysis

The support-zone between 120.32 - 120.68 stopped the minor correction from 120.92. EUR/JPY is ready for the next attack towards the upside for a rally towards 121.40 and 121.98 on the way higher to 123.55.

Support is now seen in the 120.49 - 120.64 area. It is likely to protect the downside for a clear break above 120.90 for the expected continuation higher to 121.40 and 121.98.

R3: 121.98

R2: 121.40

R1: 121.13

Pivot: 120.64

S1: 120.49

S2: 120.32

S3: 120.05

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 120.25

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Torben Melsted,
Analytical expert
InstaForex Group © 2007-2020
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