Elliott wave analysis of EUR/JPY for July 11 - 2019

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EUR/JPY has turned lower as expected. The minor rally from 121.44 did not display an impulsive structure which calls for more downside pressure closer to strong support near 121.00 before a more solid bottom is expected. After that, the next impulsive rally begins.

Only a direct break above resistance at 122.09 will indicate a bottom and thar the next impulsive rally to above 123.38 is developing.

R3: 122.54

R2: 122.39

R1: 122.09

Pivot: 121.93

S1: 121.59

S2: 121.29

S3: 121.00

Trading recommendation:

The final 50% of our position from 121.50 was sold at 121.79. We will buy EUR again at 121.15 or upon a break above 122.09

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