Elliott wave analysis of EUR/JPY for July 10 - 2019

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EUR/JPY has won a little more terrain and is testing minor resistance at 122.13 again. This will be a real challenge to break above. The structure of the rally of the 121.29 low does not display any impulsive characters and the risk of a final dip closer to 121.00. Important short-term support at 120.94 remains an obvious possibility.

Only a direct break above resistance at 122.54 will shift the bias back towards the upside for an ultimate break back above the 127.50 peak.

R3: 122.54

R2: 122.24

R1: 122.13

Pivot: 121.82

S1: 121.50

S2: 121.32

S3: 121.00

Trading recommendation:

We will take half profit here at 122.02 on our long position from 121.50. We will move our stop higher to 121.80

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