Elliott wave analysis of EUR/JPY for June 19, 2017


Wave summary:

EUR/JPY has rallied nicely and in a clear impulsive character indicating more upside pressure to come. That said, short-term we might need a deeper correction from 124.46 closer to the 123.17 - 123.45 area before the next impulsive upswing towards 125.82 and above.

R3: 125.10

R2: 124.71

R1: 124.46

Pivot: 124.00

S1: 123.99

S2: 123.45

S3: 123.17

Trading recommendation:

We will buy EUR again at 123.25 or upon a break above 124.46.

The material has been provided by InstaForex Company - www.instaforex.com