Elliott wave analysis of EUR/JPY for June 11, 2019

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EUR/JPY continues to pave its way higher towards the next minor target seen at 123.61. This minor resistance could cause a correction back to the short-term important support at 122.26 before turning up again in an even stronger rally.

Minor support at 122.56 is expected to protect the downside for the next rally to 123.61.

R3: 123.61

R2: 123.18

R1: 122.93

Pivot: 12.53

S1: 122.26

S2: 122.07

S3: 121.72

Trading recommendation:

We are long EUR from 120.75 and we will move our stop loss order higher to 122.05

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