Elliott wave analysis of EUR/JPY for July 29, 2019

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EUR/JPY is currently correcting the strong spike up form the 120.02 low. Ideally support in the 120.54 - 120.69 will capture the downside for a break above minor resistance at 121.13. A break above this minor resistance, will indicate the completion of the corrective decline and the beginning of a new impulsive rally higher to at least 122.13 and ideally well beyond here confirming a long-term bottom was seen at 120.02 and a new impulsive rally is developing as wave III.

R3: 121.84

R2: 121.68

R1: 121.38

Pivot: 121.13

S1: 120.69

S2: 120.54

S3: 120.44

Trading recommendation:

We are long EUR from 120.85 with our stop placed at 120.00

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