Elliott wave analysis of EUR/JPY for July 12 - 2019

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By breaking back above minor resistance at 122.09 we have the first strong indication that EUR/JPY is ready to rally higher as the next impulsive rally is likely to begin. A break above resistance at 122.30 will confirm a continuation higher to and above the 123.38. In the long- term, we are waiting for EUR/JPY to ultimately break above the 127.50 peak.

Support is now see at 121.59 and only a break below here will re-open the possibility for a final dip closer to 121.00.

R3: 123.36

R2: 123.00

R1: 122.54

Pivot: 122.30

S1: 122.02

S3: 121.79

S3: 121.59

Trading recommendation:

We bought EUR at 122.10 and has placed our stop at 121.55.

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